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

completed by a non-company contractor

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

market.

examples are externalities and public goods.

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

an entrepreneur).

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

company.

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

these are illegal under the

Taft-Hartley Act

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

profit.

Example: Fast food chains

These are thing that benefit everyone, but it is hard to get

people to pay for them.

All workers must become union members after they are hired

Example: Big online giants who are publicly owned

There is no competition because one company controls the market.

Price setters

It’s where buyers and sellers do business

One producer; Unique product

Very hard to enter the market

High control over prices

Jobs that require a higher educational degree and advanced training;

Many producers; Varied yet similar products

Relatively easy to enter the market with few barriers

Some control over price

Jobs that require some specialized training

All workers must be members of a union to be hired

Anyone aged 16 and over who is looking for a job or already has one.

Training, expertise, knowledge, and skillset required to perform a job

Many producers; Identical products;

Easy to enter the market; No control over price

Jobs that require highly specialized skills

outlaw union membership as a requirement for workers

Few producers; Similar products

Hard to enter the market due to high startup costs

Some control over price

Jobs that do not require any specialized training

Price takers

Someone who starts a business and initially assumes the profits and losses.

Examples: A baker, plumber, farmer, artist

These are less efficient in distributing

goods and services than perfect competition.

formation of a group of workers in an effort for better pay, working conditions

Examples: Law firms, accounting firms

These are “side effects” of producing the good or service and can have a positive or negative effect on others.

All workers must become union members after they are hired

Example: credit unions

Business that acts on its own independent of any one individual; owned

by shareholders.

Example: Soup kitchen

these are illegal under the

Taft-Hartley Act

The business is shared and owned by 2 or more entrepreneurs.

to negotiate and work with employers to

obtain better wages or conditions for workers

Example: streetlights

There is no competition because one company controls the market.

Rather than focusing on social issues, these focus on economic

concerns such as better pay and benefits

It’s a competitive market structure where the product is differentiated

but there are many sellers.

These businesses have their stock available for purchase and anyone can become a shareholder.

Example: pollution

Which one does not determine how much someone gets paid?

What type of business organization is owned and managed by a single individual?

Which type of business organization has the advantage of shared decision making and specialization?

What is the main advantage of a corporation in terms of liability for owners?

What type of business organization grants the exclusive right to sell a certain product or service in a given area?

The 4 conditions for a purely / perfectly competitive market are:

Oligopolies and monopolies are the same because ________.

The characteristics of a monopoly are:

An arrangement in which a parent company, or franchiser, distributes its products or services

A business organization that is jointly owned and operated by a group of individuals for their mutual benefit

The game console industry is an example of which market structure?

Under pure competition, products are

Which of the following industries is an example of a monopoly?