a market structure in which a large number of firms all produce the same product
anything that is bought or sold
Barrier to entry
any force that prevents firms from entering a new market
name given to all the other market structures- monopolistic, oligopoly, monopoly lacking one or more conditions for perfect competition
Start up cost
The total amount of money you will need to get your business up and running.
(economics) a market in which there are many buyers but only one seller
Economies of scale
factors that cause a producer's average cost per unit to fall as output rises
a market situation in which the costs of production are minimized by having a single firm produce the product
type of monopoly where the gov't owns a firm that dominates that industry
a document granting an inventor sole rights to an invention
a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
a legal document giving official permission to do something
the ability of a company to change prices and output like a monopolist
a market structure in which many companies sell products that are similar but not identical
a way to attract customers through style, service, or location, but not a lower price
(economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
intense competition in which competitors cut retail prices to gain business
an agreement among firms to charge one price for the same good
a formal organization of producers that agree to coordinate prices and production
Establishment formed to carry on commercial enterprise.
business owned by one person
Authorization to start a business issued by the local government.
law in a city or town that designates seperate areas for residency and for business
The legally bound obligation to pay debts.
payments to employees other than wages or salary
An association of two or more people operating a busniess as co-owners and sharing profits or losses according to a written agreement.
a business firm whose articles of incorporation have been approved in some state
a supply of something available for future use
a formal contract to repay borrowed money with interest at fixed intervals.
that part of the earnings of a corporation that is distributed to its shareholders
the combination of two or more firms competing in the same market with the same good or service
the combination of two or more firms involved in different stages of producing the same good or service
a group of diverse companies under common ownership and run as a single organization
a large business that operates in many countries
a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area
payment to the holder of a patent or copyright or resource for the right to use their property
Institution that functions much like a business, but does not operate for the purpose of generating profits
an organization of employees formed to bargain with the employer
Right to work law
a measure that bans mandatory union membership
Blue collar worker
Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage.
White collar worker
someone in a professional or clerical job who usually earns a salary
negotiation between an employer and trade union
Helping to settle differences by having someone (a mediator) go between opposing parties, negotiating with each and suggesting non-binding resolutions.
(law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
the source of trained people from which workers can be hired
labor that requires no specialized skills,education, or training
labor that requires minimal specialized skills and education
labor that requires specialized skills and training
programs intended to make up for past discrimination by helping minority groups and women gain access to jobs and opportunities
term used to refer to the invisible barries hindering the promotion of women and members of other groups traditionally underrepresented into high leadership positions
the theory that education increases productivity and results in higher wages
the theory that the completion of college indicates to employers that a job applicant is intelligent and hard-working
a temporary or part-time job