Unit 2 EPF

____________ are businesses run by one person

• Sole proprietorships
• Corporations
• Partnerships
• Limited liability companies

___________ are businesses that are run by two or more people

• Corporations
• Sole proprietorships
• Limited liability companies
• Partnerships

___________ are businesses owned by shareholders

• Partnerships
• Sole proprietorships
• Corporations
• Non-profit organizations

_________ businesses give the owner all of the profits but they take on all of the risk

• Franchise
• Corporation
• Partnership
• Sole proprietorship

A __________ is a market condition where one business controls the entire industry

• oligopoly
• monotony
• duopoly
• monopoly

A __________ is a market condition where a handful of businesses control the entire industry

• oligopoly
• competition
• monopoly
• duopoly

__________ is when companies all sell the same product and the only difference is price

• Monopoly
• Monopolistic competition
• Oligopoly
• Perfect competition

___________ is when many companies offer competing products or services that are similar, but not perfect, substitutes

• Monopolistic Competition

• Pure Competition

• Monopoly
• Cartel

__________ are ways businesses or governments get consumers to act in certain ways

• Incentives

• Motivators

• Influencers

• Bribes

_________ incentives are things we want to avoid

• Negative

• Positive

• Neutral

• Incomplete