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Economics Quiz 3
| Term | Definition |
|---|---|
| Social | The interaction of people in a community |
| Environmental | The natural world and protecting the earth and its natural systems |
| political | viewpoints on political issues, polies and systems based on beliefs, personal values and experiences |
| economic | money,income, use of wealth |
| stakeholders | includes government, people, workers, community, etc |
| sole proprietorship | business owned by one person and owner has many responcibilities and the money usually comes from the owner's savings |
| partnership | operated by 2 or more people who want to share responcibilities |
| general partnership | all partners have unlimited liability for firm debts |
| limited partnership | one responsible for the money each person puts into the business |
| corporations | a business that has been granted legal status and different from those of the people who work for the business |
| co-operatives | owned by the workers or the members who buy servies/products the business offers |
| multinational corporations | Does business in a few countries and operates facilities like warehouses in at least one foreign country |
| franchise | one business (franchiser) licenses the rights to its name, operating procedures, deisgns, etc to another business (franchisee) |
| competitive markets | businesses opertae in perfectly competitive markets of businesses under monoplistic competition |
| non-competitive markets | oligopolicies and monopolies |
| price taker | can't influence price |
| price maker | can influence price |
| perfect competition | many buyers and sellers, products are homogenous, not barriers to entry/exit |
| monopolistic competition | |
| branding | establishing an identity for a product that differentiates it from competition and can create brand loyalty |
| Monopoly | 1 single seller supplying a product with no close substitutes and restricted entry |
| natural monopoly | cost of production is minimized by a single firm to produce a product |
| geographic monopolies | absence of other sellers in an area |
| technological monopolies | based on ownership or control on a manufacturing method, process or scientific advancement |
| oligopoly | similar products, little competition, barriers to entry, homogenous products and price makers |
| market power | the ability of the business that can affect the price of a product it sells |
| non-price competition | businesses compete to attract customers without altering prices |
| regulation | a policy approach governments use to influence the cuase and effects of the actions of firms on consumers |
| deregulation | removal or reduction of laws or other demands of government control |
| privatization | process where the government transfers services (public) or assets to the private sector |
Created by:
evehec
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