ch 7/8 econ

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xzKellyxz8  on December 10, 2009

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econ

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ch 7/8 econ

Cartel
Indep. business organizations formed to regulate production, pricing, and marketing of goods
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Cartel Indep. business organizations formed to regulate production, pricing, and marketing of goods
Monopolistic Competition All firms produce similar products
Monopoly Only one seller
Oligopoly Their are few sellers
Perfect competition all things are equal
Sole Proprietorship business owned by individual
Corporation a legal thing that can conduct business in the same way a person would
Partnership business owned by 2 or more co-workers
cost a price
Marginal Cost The cost to produce one more unit Avrg. (Change in TC/ change in Q)
Marginal Revenue The extra money earned by producing one more unit
Fixed cost Cost that stay the same no matter how many units are produced (rent) Avrg. (FC/Q)
Variable cost Cost that change w/ number of units made (labor) Avrg. (VC/Q)
Total Cost All cost combine Avrg. (TC/Q)
3 typs of business firms Sole proprietorships, partnerships, and corporations
Advantages of sole prop. Make your own decisions and only taxed once
Disadvantages of Sole prop. limited ability to raise funs and unlimited liability
Liability you can only lose what you put in
Unlimited Liability an investment where you can lose unlimited amount of money
Advantages of partnership only taxed once and people put their talents together to make it better
Disadvantages of Partnership Unlimited liability and one partner might inflict all debts
Advantages of corporations not personally responsible for debts and cont. to exist if someone dies
Disadvantages of Corporations double taxation and it's complicated to set up
anitrust laws restricts free trading and competition between business
Franchise contract made so someone can use a businesses name and sell their goods
Franchiser the person who allows people to own the building and use companies name
Franchisee the person who gets the franchise

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