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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| An economic model that allows economists to examine competition among businesses in the same industry | show 🗑
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| show | Perfect competition
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| Five characteristics of perfect competition | show 🗑
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| A product that consumers consider identical in all essential features to other products in the same market | show 🗑
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| show | Price taker
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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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| Examples of barriers to entry | show 🗑
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| show | Only one seller, control of prices, restricted/regulated market
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| show | Natural monopoly
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| show | Government monopoly
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| A monopoly that exists because the firm controls a manufacturing method, an invention, or a type of technology | show 🗑
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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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| Example of government monopoly | show 🗑
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| show | Polaroid
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| show | Patent
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| Example of geographic monopoly | show 🗑
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| One of the most common market structures in which many sellers offer similar, but not standardized, products | show 🗑
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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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| Using factors other than low price-such as style, service, advertising, or giveaways- to try to convince customers to buy one product rather than another | show 🗑
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| show | Many buyers for many sellers, similar but differentiated products, limited lasting control over prices, and freedom to enter or exit the market
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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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| The expenses that a new business must pay to enter a market and begin selling to consumers | show 🗑
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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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| Controlling business behavior through a set of rules or laws to promote competition and protect consumers | show 🗑
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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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| show | CDs, FTC ended the anticompetitive price
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| show | Market allocation
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| Setting prices below cost so that smaller producers cannot afford to participate in a market | show 🗑
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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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| Most common type of business organization in the US, a business owned and managed by a single person | show 🗑
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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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| A business co-owned by two or more people, or "partners" who agree on how responsibilities, profits, and losses will be divided | show 🗑
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| show | General partnership
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| show | Limited partnership
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| A partnership in which all partners are limited partners and not responsible for the debts and other liabilities of other partners | show 🗑
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| Examples of LLP | show 🗑
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| show | Easy to open and close, few regulations, access to resources, joint decision making, specialization
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| Disadvantages of partnerships | show 🗑
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| show | Corporation
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| show | Stock
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| Part of the profit that the company pays out to stockholders | show 🗑
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| show | Public company
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| show | Private company
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| show | Bond
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| Occurs in a corporation, business owner's liability for business debts and losses is limited | show 🗑
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| Continue to exist even after a change in ownership | show 🗑
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| show | Access to resources, Professional managers, limited inability, unlimited life
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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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| show | Multinational corporation
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| Example of a horizontal merger | show 🗑
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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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| show | Cooperative
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| show | Nonprofit organization
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| Require some type of membership payment, keep prices low by purchasing goods in large volumes at a discount price | show 🗑
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| Business organizations, such as credit unions, that offer their members a service | show 🗑
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| show | Producer co-op
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Created by:
AliRutherford