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 | Market structure
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| The ideal model of a market economy | show 🗑
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| Five characteristics of perfect competition | show 🗑
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| show | Standardized product
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| A business that cannot set the prices for its products but, instead, accepts the market price set by the interaction of supply and demand | show 🗑
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| show | Imperfect competition
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| Come close to perfect competition | show 🗑
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| show | Monopoly
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| A formal organization of sellers or producers that agree to act together to set prices and limit output, may function as a monopoly | show 🗑
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| show | Price maker
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| show | Barrier to entry
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| show | Large size, government regulations, special resources, technology
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| Characteristics of a monopoly | show 🗑
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| show | Natural monopoly
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| A monopoly that exists because the government either owns and runs the business or authorizes only one product | show 🗑
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| show | Technological monopoly
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| show | Geographic monopoly
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| Example of a natural monopoly | show 🗑
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| A situation in which the average cost of production falls as the producer grows larger | show 🗑
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| show | Postal service
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| show | Polaroid
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| A legal registration of an invention or a process that gives the inventor the exclusive property rights to that invention or process for a certain number of years | show 🗑
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| Example of geographic monopoly | show 🗑
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| show | Monopolistic competition
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| show | Printed t-shirts
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| Distinguishing features of monopolistic competition | show 🗑
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| show | Product differentiation
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| show | Gas mileage ratings, batteries
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| show | Nonprice competition
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| Major characteristics of monopolistic competition | show 🗑
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| show | Focus group
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| show | Oligopoly
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| Percent of total sales in a market | show 🗑
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| show | Movie theaters, breakfast cereal
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| show | Start-up costs
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| show | Few sellers but many buyers, standardized or differentiated products, more control of prices, little freedom to enter/exit market
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| show | Regulation
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| show | Antitrust legislation
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| show | Trust
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| Keeps trusts from forming, one company combines with or purchases another to form a single firm | show 🗑
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| show | Price fixing
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| Example of price fixing | show 🗑
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| Competing businesses negotiate to divide up a market | show 🗑
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| show | Predatory pricing
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| A ruling that requires a firm to stop an unfair business practice | show 🗑
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| show | Public disclosure
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| Involves actions taken to reduce or remove government oversight and control of business | show 🗑
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| An enterprise that produces goods or provides services | show 🗑
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| show | Sole proprietorship
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| show | Limited life
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| show | Unlimited liability
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| show | Easy to open/close, few regulations, freedom and control, owner keeps profits
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| show | Limited funds, limited life, unlimited liability
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| show | Partnership
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| show | General partnership
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| A partnership in which at least one partner is not involved in day-to-day running of business and is liable only for the funds he or she has invested | show 🗑
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| show | Limited liability partnership
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| show | Medical partnerships, law firms, and accounting firms
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| Advantages of partnerships | show 🗑
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| Disadvantages of partnerships | show 🗑
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| A business owned by individuals, called shareholders or stockholders | show 🗑
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| Shares of ownership in the corporation | show 🗑
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| show | Dividend
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| show | Public company
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| Retains control over who can buy or sell the stock | show 🗑
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| Contract the corporation issues that promises to repay borrowed money, plus interest, on a fixed schedule | show 🗑
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| Occurs in a corporation, business owner's liability for business debts and losses is limited | show 🗑
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| show | Unlimited life
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| Advantages of corporations | show 🗑
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| show | Start-up cost and effort, heavy regulation, double taxation, loss of control
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| show | Vertical merger
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| The combining of companies involved in different steps of production or marketing of a product or service | show 🗑
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| show | Conglomerate
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| A larger corporation with branches in several companies | show 🗑
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| show | Reebok and Adidas
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| Example of a vertical merger | show 🗑
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| show | Franchise
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| show | Franchisee
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| A type of business operated for the shared benefit of the owners, who are also its costumers | show 🗑
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| An institution that acts like a business organization, but its purpose is usually to benefit society, not to make a profit | show 🗑
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| show | Consumer/purchasing co-op
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| Business organizations, such as credit unions, that offer their members a service | show 🗑
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| Mainly owned and operated by the producers of agricultural products, join together to ensure cheaper, more efficient processing | show 🗑
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
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Created by:
AliRutherford