Unit 3: Markets, Business, & Labor

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

competing.

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

When firms have a job that was once done within their own company

completed by a non-company contractor

• Externalities

• Collective Bargaining

• Outsourcing

• Negotiating

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

market.

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

examples are externalities and public goods.

• Market

• Monopoly

• Oligopoly

• Market Failures

The business is owned and managed by only one person (usually called

an entrepreneur).

• Sole Proprietorship

• Partnership

• Corporation

• Business Franchise

Independent business owners can choose to be a part of a larger parent

company.

• Sole Proprietorship

• Partnership

• Corporation

• Business Franchise

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

• Non-Profit

• Partnership

• Cooperative

• Corporation

these are illegal under the

Taft-Hartley Act

• Union

• Closed Shop

• Union Shop

• Right-to-Work

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

profit.

• Non-Profit

• Partnership

• Cooperative

• Corporation

Example: Fast food chains

• Sole Proprietorship

• Partnership

• Corporation

• Business Franchise