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economics 4-5
| Term | Definition |
|---|---|
| monopoly | barriers prevent firms from entering a market that has a single supplier |
| economies of scale | characteristics that causes a producers average cost to drop as production rises |
| natural monopoly | market that runs most effeciantly when one large firm provides all the output |
| government monopoly | monopoly created by the gov |
| price discrimination | monopolist is able to divide consumers in 2 plus groups and charge a different price for each. |
| market power | ability to control prices and total market outputs |
| monopolistic competetion | when many companies compete in an open market to sell similar products |
| differentation | monopolystically competitive seller to profit from the differences between products and competition |
| oligopoly | market dominated by a few large profitable firms |
| price war | competiters cut prices very low to win |
| collision | agreement among aligopoly members t oillegally set prices |
| price fixing | agreement selling at same price |
| sole proprietorship | business owned and managed by a single individual |
| business organization | ownership structure of a company |
| zoning laws | local gov regulations that divide land into district |
| fringe benefits | payments to employees other then wages/salaries |
| general partnership | partners share equally in both responsability and liability |
| limited partnership | one partner to be a general partner |
| limited liability partnership | when all partners are limited partners |
| articles of partnership | legal document that spells out each partners economical rights and responsibilities |
| business franchise | semi independant b usiness that pays fees to a parent company |
| publicaly held corporation | multiple shareholders who ca nbuy or sell stock on the open market |
| bond | formed contract issued by a corporation that promises to repay borrowed money with interest |
| dividends | share of profit to stockholders |
| limited liability corporations | businesses that have the advantages of limited liability for owners |
| horizontal merger | 2 plus firms compete in teh same market with the same goods joined together |
| vertical merger | 2 plus firms involved in different stages of producing the same good together |
| conglomerate | when three unrelated. businesses earn none of the majorities firm profits |
| multinational corporation | have head quarters in 1 country and branches to other countreis |
| cooperative | business organization owned and operated by a group of individuals for their shared benefit |
| consumer cooperates | merchendise to their members at a reduced price |
| service cooperatives | provides a service rather then a good |
| producer cooperatives | are agriculteral marketing cooperatives that help members sell their prodcuts |
| non profit organizations | do not operate for the purpose of generating profit |
| professional organization | improve the imagie and skill level of people in particular occupations |
| Business association | promote the collective business interests of a city |
| Trade association | are nonprofit organizations that promote the interests of particular industries |
| labor force | all nonmilitary people who are employed/unemployed |
| outsourcing | is when a company contracts wit hanother company to do a specific job |
| offshoring | movement of some of a companys operation to another country |
| learning effect | theory that education increases efficiency of production resulting in higher wages |
| screening effect | theory that suggests the completion of collage signals to employers that a job applicant is intelllegant and hard working . |
| contingent employment | temperary and part time jobs |
| guest workers | allowed to live and work temperarily in america |
| derived demand | set by teh demand ofor another good |
| productivity of labor | quantity of output produced by a unit of labor |
| equilibrium wage | wage rate that is set when the supply of workers meet the demand for workers in the labor market |
| glass ceiling | a barrier that prevents woman and minorities from advancing to the top ranks |
| featherbedding | negotiating labor contracts that keep unnesicary workers on the company payroll |
| strike | organized work stoppage intended to force an employer to address union demands |
| right to work laws | measures that ban mandetory union memberships |
| blue collar workers | perform manuel labor and earn an hourly wage |
| white collar worker | is a professional job who earns a weekly salary |
| collective bargaining | process in which union and company management meet to negotiate a new labor contract |
| mellation | settlement technique whwere the mediator meets with eah side to find a middle way solution |
| arbitration | is a neutral third party listens to both sides, later imposing a decision |
Created by:
Marsinajar