Unit 3: Markets, Business, & Labor

Front

It’s the most efficient market structure because there are many firms competing.

Back

Perfect Competition

Front

When firms have a job that was once done within their own company completed by a non-company contractor

Back

Outsourcing

Front

It’s a less competitive market where a few companies dominate the market.

Back

Oligopoly

Front

What are examples of externalities and public goods?

Back

Market Failures

Front

The business is owned and managed by only one person (usually called an entrepreneur).

Back

Sole Proprietorship

Front

Independent business owners can choose to be a part of a larger parent company. Options: Sole Proprietorship, Partnership, Corporation, Business Franchise.

Back

Business Franchise

Front

A group of individuals form a company for everyone’s benefit.

Back

Cooperative

Front

these are illegal under the
Taft-Hartley Act
Options: Union, Closed Shop, Union Shop, Right-to-Work

Back

Closed Shop

Front

A business (for all intents and purposes) that does not seek to make a profit.

Back

Non-Profit

Front

Example: Fast food chains

Back

Business Franchise