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Economics Unit Test

Sections 7.1 and 3.1

QuestionAnswer
form of business organization recognized by law as a separate legal entity having all the rights of an individual corporation
business that is jointly owned by two or more persons partnership
acts for the stockholders to set policies, make major decisions for stockholders, and chooses a professional management team Board of Directors
a firm legally ceases to exist when an owner dies, quits, or sells ownership of the business limited life
Certificates that represent money loaned to corporations (IOUs) Bonds
Ownership certificates in a corporation (firm) Stock
A business owned an run by one person sole proprietorship
Requirement that on owner is personally and fully responsible for all losses and debts of the business unlimited liability
A check that transfers a portion of the corporate earnings to a stockholder dividend
Market structure with only one seller of a product monopoly
Theoretical situation in which well-informed, independent buyers and sellers exchange identical products perfect competition
Philosophy that government should not interfere with business activities laissez-faire
Market situation in which costs are minimized because a single firm produces the product natural monopoly
Agreeing to pay the same or similar prices for a product price-fixing
Real or imagined differences between competing products product differentiation
Market situation in which a few very large sellers dominate the industry oligopoly
Created by: abotsios
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