Market Structures
What market structure is characterized by many firms, free entry, and identical products?
Perfect Competition
What is the simplest and most common type of business organization, owned and run by one person?
Sole Proprietorship
What organization represents workers in negotiations with employers over wages and working conditions?
Labor Union
What function of money allows it to be used to measure the value of goods and services?
Unit of Account
Which TV show depicts the ups and downs of corporate life at Dunder Mifflin, a paper company?
The Office
What market structure features many firms selling differentiated products?
Monopolistic Competition
What type of business is owned by two or more people who share profits and responsibility?
Partnership
What is the process in which union and management representatives meet to negotiate a labor contract?
collective bargaining
What type of money has value because the government declares it legal tender, rather than because of its own intrinsic value?
Fiat Money
What movie franchise features a character named Tony Stark, who is also a billionaire industrialist and inventor?
Iron Man
What market structure exists when a few large firms control most of the market’s output?
Oligopoly
What type of business is legally distinct from its owners and can sell stock to raise capital?
Corporation
What is it called when union members refuse to work until certain demands are met?
Strike
What type of bank is the “bankers’ bank” that controls the money supply and serves as a lender of last resort?
Central Bank
What annual shopping event was originally created by retailers to boost the economy after Thanksgiving?
Black Friday
What is the term for an agreement among firms to set prices or output levels?
Collusion
What is the main advantage of a corporation that protects owners from being personally responsible for debts?
Limited Liability
What law made it illegal for workers to be forced to join a union as a condition of employment?
Right to Work Law
What institution (not in existence before the Great Depression) gives depositors faith in their transactions?
FDIC
What popular cryptocurrency was created in 2009 and is often called “digital gold”?
Bitcoin
What economic measure indicates how easily new firms can enter or exit an industry?
Barriers to Entry
What is a business that licenses its brand and business model to others in exchange for fees and royalties?
Franchise
What is the term for the ongoing difference in pay between men and women for similar work?
Gender Wage Gap
What is the amount of money a bank must keep on hand and not loan out, usually set by the central bank?
reserve requirement
What is the name of the popular stock-trading app that became famous during the GameStop short squeeze in 2021?
Robinhood