Market Structure
This is the idea that a market consists of many competitors with products that have special characteristics that make them unique.
Monopolisitic Competition
this type of business organization has the advantage of specialization within the business, but the disadvantage of unlimited liability
Partnership
What is the type of labor? To learn how to bus tables, Pat needed less than 30 days of training.
Unskilled
This is a key part of unions where they negotiate with employers on their member's behalf
Collective Bargaining
Sellers in a perfect competition can also be called this, due to them being at the mercy of whatever the consumer wants for price
Price Taker
This type of business organization has the disadvantage of lowest likelihood of raising a large amount of funds
Sole Proprietorship
What is the type of labor? Luis went to law school and passed the BAR exam. He’s just been hired in his first job.
Professional
Pollution emitted by a factory would be an example of this
Price Maker is another name for a seller in this market structure
Monopoly
this type of business organization has the advantage of raising funds through shareholders in the stock market
Corporation
What is the type of labor? To become a police officer, Sara had to attend the police academy.
Skilled
This is what we call a market that has not carried out its purpose in the intended way, creating inefficiency.
Market Failure
The formation of cartels and the action of collusion are most closely associated with this market structure
Oligopoly
This type of business organization has the disadvantage of double taxation
Corporation
What is the type of labor? Cindy inspects machines in a factory for a living. She needed more than 30 days of training, but her training was completed in less than a year.
Semiskilled
This is a type of group that exists for the purpose of worker protection against exploitive business practices
Union
Products in this type of market structure are all identical
Perfect Competition
This type of business organization has the advantage of keeping all profits, but the disadvantage of limited lifespan
Sole Proprietorship
What is the type of labor? Abraham used to be a plumber but decided to go back to school and become a teacher. (labor type for NEW job)
Professional
This is a labor practice that occurs when a business hires an outside company/contractor to complete a part of their production
Outsourcing