Econ. Unit 3 Vocab
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BreyanaEavondale on November 10, 2011
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Vocab
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57 terms
Terms | Definitions |
|---|---|
 Perfect Competition | a market structure in which a large number of firms all produce the same product |
| Commodity | anything that is bought or sold |
| Barrier to entry | any force that prevents firms from entering a new market |
| Imperfect competiton | 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. |
| Monopoly | (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 |
| Natural monopoly | a market situation in which the costs of production are minimized by having a single firm produce the product |
| Government monopoly | type of monopoly where the gov't owns a firm that dominates that industry |
| Patent | a document granting an inventor sole rights to an invention |
| Franchise | a business established or operated under an authorization to sell or distribute a company's goods or services in a particular area |
| License | a legal document giving official permission to do something |
| Price dirscrimination | ... |
| Market power | the ability of a company to change prices and output like a monopolist |
| Monopolistic competition | a market structure in which many companies sell products that are similar but not identical |
| Differentiation | ... |
| Nonprice competition | a way to attract customers through style, service, or location, but not a lower price |
| Oligopoly | (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 |
| Price war | intense competition in which competitors cut retail prices to gain business |
| Collusion | secret agreement |
| Price fixing | an agreement among firms to charge one price for the same good |
| Cartel | a formal organization of producers that agree to coordinate prices and production |
| Business organizations | Establishment formed to carry on commercial enterprise. |
| Sole proprietorship | business owned by one person |
| Business license | Authorization to start a business issued by the local government. |
| Zoning law | law in a city or town that designates seperate areas for residency and for business |
| Liability | The legally bound obligation to pay debts. |
| Fringe benefits | payments to employees other than wages or salary |
| Partership | An association of two or more people operating a busniess as co-owners and sharing profits or losses according to a written agreement. |
| Corporation | a business firm whose articles of incorporation have been approved in some state |
| Stock | a supply of something available for future use |
| Bond | a formal contract to repay borrowed money with interest at fixed intervals. |
| Dividend | that part of the earnings of a corporation that is distributed to its shareholders |
| Horizontal merger | the combination of two or more firms competing in the same market with the same good or service |
| Vertical merger | the combination of two or more firms involved in different stages of producing the same good or service |
| Conglomerate | a group of diverse companies under common ownership and run as a single organization |
| Multinational Corporation | a large business that operates in many countries |
| Business franchise | 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 |
| Royalty | payment to the holder of a patent or copyright or resource for the right to use their property |
| Nonprofit organization | Institution that functions much like a business, but does not operate for the purpose of generating profits |
| Labor union | an organization of employees formed to bargain with the employer |
| Strike | ... |
| 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 |
| Collective bargaining | negotiation between an employer and trade union |
| Mediation | Helping to settle differences by having someone (a mediator) go between opposing parties, negotiating with each and suggesting non-binding resolutions. |
| Arbitration | (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) |
| Labor force | the source of trained people from which workers can be hired |
| Unskilled labor | labor that requires no specialized skills,education, or training |
| Semi-skilled labor | labor that requires minimal specialized skills and education |
| Skilled labor | labor that requires specialized skills and training |
| Affirmative action | programs intended to make up for past discrimination by helping minority groups and women gain access to jobs and opportunities |
| Glass ceiling | term used to refer to the invisible barries hindering the promotion of women and members of other groups traditionally underrepresented into high leadership positions |
| Learning effect | the theory that education increases productivity and results in higher wages |
| Screening effect | the theory that the completion of college indicates to employers that a job applicant is intelligent and hard-working |
| Contingent employment | a temporary or part-time job |
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