Market Structures and Business Org P1 Flashcard

Front

Definition: Business wholly owned by its employees with the emphasis on group decision making, like Land-o-Lakes, Florida natural, Credit Unions.

Back

cooperative

Front

Definition: A market dominated by a single seller and has any number of buyers. Complete barriers to entry.

Back

Monopoly

Front

Definition: The division of customers into groups based on how much they will for a good (college students, the elderly, toddlers).

Back

Price Discrimination

Front

When two or more companies join to form a single firm.

Back

Merger

Front

Definition: The right to sell a good or service with an exclusive market (McDonald's Franchises).

Back

Franchise

Front

Definition: A market where every firm produces the same product for about the same price.

Back

Perfect Competition

Front

Definition: is the ability of a company to control prices and output.

Back

Market Power

Front

Factors that make it difficult for new firms to enter a market

Back

Barriers to Entry

Front

Definition: A market in which many companies sell products that are similar but not identical. This market contains Low barriers to entry and little control of prices.

Back

Perfect Competition

Front

Definition: legal entity or being owned by shareholders or shareholders.

Back

Corporation