PBA #2

Money

• An accepted medium of exchange that can be used to facilitate transactions for goods and services.

• A type of currency that is only used in online transactions.

• A physical object that has no value in trade.

• A form of barter that involves trading goods directly.

Perfect Competition

• A market structure where a single firm dominates the market and sets prices.

• A market structure where many firms offer a homogeneous product with no barriers to entry.

• A market structure characterized by a few firms that have significant market power.

• A market structure where products are differentiated and firms can influence prices.

Monopoly

• A market structure where multiple firms compete against each other.

• A market structure where a single firm controls the entire market.

• A market structure characterized by many buyers and sellers with no single entity controlling the market.

• A market structure where firms sell identical products at the same price.

Oligopoly

• A market structure with many firms competing freely.

• A market structure characterized by a small number of firms that have significant market power.

• A market structure where one firm dominates the market completely.

• A market structure with no barriers to entry and exit.

Conglomerate

• A type of investment fund that focuses on real estate.

• A large corporation that owns a collection of different companies operating in various industries.

• A small business that specializes in a single product line.

• A government agency that regulates corporate mergers.

Unemployment

• The situation where individuals who are capable of working and are actively seeking work are unable to find employment.

• A state where individuals are employed but dissatisfied with their jobs.

• The condition of having a job that does not match one's skills or qualifications.

• A temporary break from work due to personal reasons.

Structural Unemployment

• Unemployment caused by seasonal changes in demand for labor.

• Unemployment that occurs when there is a mismatch between the skills of the workforce and the needs of the industry.

• Unemployment resulting from economic downturns or recessions.

• Unemployment that arises when individuals voluntarily leave their jobs.

Corporation

• A type of business that is owned by one individual.

• A legal entity that is separate from its owners.

• A partnership between two or more individuals.

• A non-profit organization that does not generate profit.

Minimum Wage

• The highest legal wage that can be paid to workers.

• The lowest legal wage that can be paid to workers. It is set by the government to ensure a minimum standard of living for employees.

• A wage that varies based on the industry and job type.

• A voluntary wage that employers can choose to pay their employees.

Sole Proprietorship

• A business owned and operated by a single individual. The owner is personally responsible for all debts and liabilities.

• A partnership between two or more individuals who share profits and losses.

• A corporation that is owned by shareholders and managed by a board of directors.

• A non-profit organization that operates for charitable purposes.