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unit 3 review (econ)
| Question | Answer |
|---|---|
| pure/perfect (and examples) | a lot of buyers, easy to enter, identical products, price takers. (agriculture) |
| monopolistic (and examples) | a lot of buyers, easy to enter, a little difference in products, price makers, (apparel, hygiene) |
| oligopoly (and examples) | a few large sellers that dominate, identical or little difference in products, hard to enter, price makers but can engage in price wars. (cars, phones) |
| monopoly | geo- one of something in a small town (gas). tech- patents. natural- need to live (utilities). gov- gov controls companies (USPS) |
| sole proprietorship | one person owns a company and has full control and unlimited liability |
| general partnership | all partners are equal and have unlimited liability |
| limited partnership | when a partner signs on to a project and has limited liability |
| corporation | shareholders buy stocks in the company |
| mean to incorporate? | to officially register it as a separate legal entity with a state, distinguishing it from its owners |
| government as a provider, protector, regulator | provides essential services like healthcare to support their citizens, protects people by maintaining law and order and defending the country, and also regulates businesses and activities to ensure fairness, safety, and well-being for everyone. |
| stocks | partial ownership in a corporation |
| bonds | fixed-income investment that functions as a loan made by an investor to a borrower |
| double taxation | in corporation, the corp. pays taxes and then dividends paid to stockholders are also taxed. |
Created by:
ur__mom