NRHSeco vit BusinessOrganization
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| stockholder | person who holds shares in a corporation, top of corporate structure
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| business firm | an organization that uses resources to produce goods and services that are sold to consumers, other firms or the government
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| shirking | is the behavior of the worker who is putting forth less than the agreed to effort, why bosses are needed
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| sole proprietorship | business that is owned by one individual who makes all the business decisions, receives all the profits or incurs all the losses of the firm, and is legally responsible for all the debts of the firm
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| partnership | business owned by two or more people who legally co-own, sahre profits/losses and are legally responsible for the debt
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| corporation | a legal entity that can conduct business in its own name in the same way that an individual does
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| entrepreneur | operator of a business,risk-taker/inventor, meets a market need or innovates
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| residual claimant | the incentive given to a boss to avoid shirking
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| "double taxation" | disadvantage of corporation
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| board of directors | elected by stockholders, they determine the goals and policies of a corporation
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| asset | anything of value to a firm as a legal claim
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| limited liability | condition in which an owner of a business firm can lose only the amount he or she has invested in the firm, advantage of a corporation
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| franchise | a contract by which a firm usually a corporation lets a person or group use its name and sell its goods in exchange for certain payments and requirements
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| franchiser | entity that offers a franchise
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| franchisee | person or group that buys a franchise
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| fixed cost | expense that is the same no matter how many goods or units of a good are producedn ex. rent
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| variable cost | an expense that changes with the number of units of a good produced ex. workers wage
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| total cost | sum of fixed plus variable costs
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| average total cost | total cost divided by the quantity of output
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| marginal cost | change in total cost that results from producing an additional unit of output
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| marginal revenue | change in total revenue that results from selling an additional unit of output
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| law of diminishing marginal returns | states that if additional units of one resource are added to another resource in fixed supply, eventually the additional output will decrease
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| profit | total revenue minus total cost
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| profit maximization | goal of business
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| merger | when two or more companies combine to run more effeciently
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| conglomerate | several businesses owned by one parent company
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| Federal Trade Commission | government agency that oversees business practices and preserves competition
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| Asymmetric information | exists in a transaction when one party has information that the other does not. Businesses have an ethical responsibility to avoid this.
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| market structure | the setting in which a seller finds itself, only four of these in economy
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| perfectly competitive market | many buyers and sellers, all firms sell identical goods, firms have easy entry and exit ex. stock market, farms
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| price searcher | a seller that can sell some of its output at various prices
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| public franchise | aka government monopoly, the right to provide a good or service exclusively. ex. the right to deliver first class mail has been given to the US Postal Service
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| price taker | a seller that can sell all its output at the equilibrium price but can sell none of its output at any other price
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| monopolistic market | a market structure in which there is a single seller that sells a product that has no close substitutes and barriers to entry are high ex. Microsoft
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| barrier to entry | anything that prohibits a firm from entering a market
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| natural monopoly | a firm with such a low total average cost that only it can survive in the market
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| geographic monopoly | monopoly based on location/resource ex. South Africa and diamonds
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| technological monopoly | patent/ copywright for set time creates this
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| antitrust law | legislation passed for the stated purpose of controlling monopoly power and preserving and promoting competition
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| monopolistic competitive market | there are may buyers and sellers, firms produce and sell slightly differentiated products, and firms have easy entry and exit. Use advertising or non price competition ex. most businesses
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| oligopolistic market | market sturcture where there are a few large sellers, firms sell identical or slightly differentiated products and the barriers to entry are significant ex. cereals, soap, soda, airlines
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| cartel agreement | specifies how the firms that entered into the agreement will act in a coordinated way to reduce competition among themselves,illegal in US
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| collusion | making secret agreements that effectively reduce competition
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| price discrimination | practice by which a seller charges differnt prices to different buyers for the product it sells when the price differences do not reflect cost differences ex. student/senior discounts
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