Market Structures
This market structure currently doesn't exist, but it is closest to agricultural products like wheat or corn
What is Perfect Competition
This business is owned and controlled by 1 person, and is the oldest and simplest type of business
What is a sole proprietorship?
This is because there is a demand for goods and services, so there must be a demand for workers
What is derived Demand
This is the lowest legal price for a good or service
What is a price floor
Land, Labor, Capital, and Entrepreneurship are all forms of this
Factor of Production
This system only has a SINGLE seller, with a unique product
What is a monopoly
This business type has a few advantages, including specializations and shared decisions, but can result in potential conflict and has unlimited liability
What is Partnership
The labor force over time has included these advancements (Must list all 4!)
What is more women, more educated, more technology, and more remote work
This happens when supply is more than demand
What is a surplus
If a point lies outside the PPC, this represents a point that is
Impossible to produce
An Example of this form of monopoly would be the Post Office or the USPS
What is Government Monopoly
This Business type is legally distinct from its owners, and deals with the largest amount of money
What is a corporation
These would all be factors that influence supply and demand
What is Human capital, working conditions, governments, location, and discrimination?
This happens when both Supply and Demand are equal
What is Equalibrium
All nations today have this type of economy
This type of Market can indulge in collusion in an attempt to limit output and raise prices
What is Oligopoly?
This form of a merger involves combining all the steps of production into one company
What is a vertical Merger
This group would be the organization that seeks better pay or conditions for workers
What is a labor Union?
This is when the demand for a product greatly changes as the price changes
What is Elastic Demand
Street lights are considered this type of good because they are provided by the government through tax dollars
What is a public good?
This market Structure is the most common market structure, with many sellers and low barriers to entry
What is Monopolistic Competition
Taco Bell, UPS, Hampton Inn, and Wing Stop are all forms of this type of Business
What is a Franchise
These are the steps to settle a dispute between workers and employers (Hint: Must be in order!)
What are collective bargaining, Mediation, and arbitration
This happens to demand when the Price of a product goes down
What is Quantity Demanded Goes up
If the income increases and the demand for good X decreases as a result, it is certain that good x is what type of good