Unit 2 Test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Perfect competition, Monopolistic competition, Oligopoly, Monopoly
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| show | There are many buyers and many sellers that sell identical products
- Sellers are price takers
- Low barriers to entry -> LOTS of competition
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| Monopolistic Competition | show 🗑
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| show | There are a few, large sellers offering the same or similar products
- High Barriers to Entry -> low competition
- Sellers have some control over prices
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| Monopoly | show 🗑
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| Market Power: | show 🗑
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| show | production causes a cost to society that is not paid by the producer or consumer
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| Positive Externalities occur when… | show 🗑
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| Public Goods | show 🗑
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| What are the 3 main types of business organizations? | show 🗑
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| Sole Proprietorship - Advantages | show 🗑
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| show | - Unlimited liability
- Limited life: business ends with the owner leaving
- Limited growth potential: less attractive to investors or lenders
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| show | all owners have unlimited liability
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| show | one general partner and 1+ limited partners w/ limited liability (silent partners who invest $ but don’t actively run the business)
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| Limited Liability Partnership (LLP) | show 🗑
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| Partnership - Advantages | show 🗑
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| Partnership - Disadvantages | show 🗑
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| show | - A corporation can enter into contracts, buy and sell property.
- Corporations are owned by shareholders who purchase shares of company stock. Selling stock can bring the company money to grow.
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| Corporation - Advantages | show 🗑
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| Corporation - Disadvantages | show 🗑
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| show | owner can be sued for personal assets to cover the debts of the business
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| show | Owner can only lose the money they invested in the business
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| Corporation - Board of Directors: | show 🗑
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| Corporation - Middle Management. | show 🗑
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| show | senior executives who oversee specific areas of the business.
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| Corporation - CEO (Chief executive officer) | show 🗑
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| Marginal Product: | show 🗑
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| How to Find: Marginal Product | show 🗑
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| Total Cost = | show 🗑
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| Marginal Cost: | show 🗑
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| How to Find: Total Revenue | show 🗑
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| show | extra revenue from selling one more of a product (price)
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| show | Parent company grants the exclusive rights to sell its products at one location to an independent business
- Franchisee (Business owner) pays an initial fee and a percentage of the profits to the Franchiser (parent company)
-Easily replicated product
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| show | a corporation that does business in more than one country
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| Multinational Corporations - Advantages over other firms | show 🗑
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| Nonprofit Organization: | show 🗑
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| Nonprofit - Foundations | show 🗑
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| Nonprofit - Professional Associations | show 🗑
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| Nonprofit - Trade Associations | show 🗑
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| show | support the interests of business people in a geographical area
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| show | an organization of workers in a specific industry that seeks to improve working conditions, wages, and benefits
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| show | is a process in which workers, represented by their union, negotiate with employers for better wages and working conditions.
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| show | a business organization that is jointly owned and operated by a group of individuals for their mutual benefit
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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