Business Organizations
They bring _____ and services to the market
Goods
no single seller controls supply or prices
perfect competition
combine with another company to become one entity
merger
Resources are easily adaptable form producing good
constant opportunity cost
A business organization owned by ____, or more people who agree to split the responsibilities and profits
two
one owner
sole proprietorship
Each firm has a small amount of market power
monopolistic competition
Firms in the same market with a similar good or service merge
horizontal merger
As you produce more of any good, the opportunity cost will increase
law of increasing opportunity
partners share profits, liability, and responsibility
general partnership
collab between 2 or more people
partnership
A few large firms that are dependent on other competitors' prices
oligopoly
Firms join two or more firms involved in different stages of producing the same good
vertical merger
Any point inside the PPC Line is an inefficient use of ________
resources
consists of a general partner who runs the business and has unlimited liability
limited partnership
Group of people that act as a single entity
Corporation
one seller
monopoly
Business mergers with large companies, more than three businesses
Conglomerates
Only ______ goods can be produced
two
Is a separate legal entity, or legal being, owned by shareholders, each of whom faces limited liability or the firm’s debt
corporation
most common business type from least to greatest
Partnership, corporation, sole proprietorship
most common to least common market structure
perfect competition, monopolistic competition, oligopoly, monopoly
Semi-independent business that pays fees and royalties to a parent company
business franchise
Outside PPC is _________
Impossible
certificate of ownership in a corporation
stock