Unit 3- Business Structures and Organizations-1st 10 terms

Fill in the blank: ________ is a market structure in which a large number of firms all produce the same product.

• Perfect competition

• Monopoly

• Oligopoly

• Monopolistic competition

Fill in the blank: ________ are obstacles to competition that prevent others from entering a market.

• barriers to entry

• market facilitators

• competitive advantages

• entry incentives

Fill in the blank: ________ is a business owned and operated by one person.

• Sole proprietorship

• Partnership

• Corporation

• Limited Liability Company

Fill in the blank: ________ is a business in which two or more persons combine their assets and skills.

• Partnership

• Corporation

• Sole Proprietorship

• Franchise

Fill in the blank: ________ is a limited liability company that protects the assets of its owners from lawsuits and creditors concerned with the company's business debts.

• limited liability company

• corporation

• partnership

• sole proprietorship

Fill in the blank: ________ are businesses that are owned by many investors who buy shares of stock.

• Corporations

• Partnerships

• Sole Proprietorships

• Non-profits

Fill in the blank: ________ is a market structure in which a few large firms dominate a market.

• Oligopoly

• Monopoly

• Perfect Competition

• Monopolistic Competition

Fill in the blank: ________ is the complete control of a product or business by one person or group.

• monopoly

• oligopoly

• competition

• partnership

Fill in the blank: ________ is a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.

• a commodity

• a technology

• a service

• a currency

Fill in the blank: ________ occurs in markets that have few sellers or products that are not standardized.

• Oligopoly

• Monopoly

• Perfect Competition

• Monopolistic Competition