Entrepreneurs
What is missing?
H- Harness your vision
U-
N- Network
T- Take the first step
H- Harness your vision
U- Underestimate the roadblocks
N- Network
T- Take the first step
What is Wendy's to McDonald's?
Competitors/Competition
What is the definition of monopoly?
ONE firm controls most of market.
What is the strongest form of collusion?
Cartel
How is non-price competition seen in practice?
Advertising
Name one characteristic of monopolies:
~One seller
~No substitutes
~High barriers to entry
~Control price
What curve expresses tactic collusion?
Kinked demand curve.
What did Joan Ganz Cooney do for the history of Entrepreneurs?
Created the 1st kid show with a clear curriculum. Named 'Sesame Street'
What are the 5 Elements of Competitive Marketing?
Fear, Emotion, Ritual, Senses, Social Values.
Name a monopoly.
Answers may vary. Possible answers include:
•Standard Oil
•U.S. Steel
•J.P. Morgan
•USPS
•College Board
•Amazon
•Meta
•American Tobacco Company
What is informal collusion?
Tactic collusion
What legally regulats monopolies?
Anti-trust Laws.
Name a similarity between monopolies and oligopolies.
•Market control
•High barriers to entry
If John wants to start a business with one location, but laked the foundation, what would be the best type of business for him to start?
Partnership
Why are Monopolies harmful?
~Do not sell at a competitive price
~Have complete market power
How many large firms control the market in a oligopoly?
4