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market and business structure
Terms in this set (40)
A market structure in which a large number of firms all produce the same product
A product that is the same no matter who produces it.
barrier to entry
any factor that makes it difficult for a new firm to enter a market.
(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 monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
A monopoly the government owns and operates.
(n.) exclusive rights over an invention; copyright; (v.) to arrange or obtain such rights; (adj.) plain, open to view; copyrighted
A legal agreement that gives an individual the right to market a company's products or services in a particular area.
the business practice of selling the same good at different prices to different customers
The ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
Common market from where there are many producers and consumers, consumers perceive that there are non-price differences in the products, few barriers to entry and exit, and producers have a degree of control over price. Markets for restaurants, cereal, shoes, clothing, and services in large cities.
Actually differentiating the market offering to create superior customer value
competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation.
(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
collaboration; complicity; conspiracy
An agreement among firms to charge one price for the same good
A formal organization of producers that agree to coordinate prices and production
Laws that encourage competition in the marketplace
A legal relationship under which title to property is transferred to a person, called a trustee, who has control over the property, and must manage it for some other person -- called a beneficiary.
A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
A policy promoting cutbacks in the amount of Federal regulation in specific areas of economic activity.
A business owned and managed by a single individual
a commercial or industrial enterprise and the people who constitute it
authorization to start a business issued by the local government.
An amount owed by a business
A business in which two or more persons combine their assets and skills
A partnership in which each member has an equal right to manage the business and share in the profits, as well as an equal responsibility for the partnerships debts.
A partnership with one or more general partners and one or more limited partners.
Any type of tangible or intangible resources that can be measured in monetary terms.
A business owned by stockholders who share in its profits but are not personally responsible for its debts
A stereotypical and formulaic character in a novel or film
(criminal law) money that must be forfeited by the bondsman if an accused person fails to appear in court for trial
certificate of incorporation
A document, generally issued by a state government, giving permission to start a corporation
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
An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management
A business that is owned by the members it serves and is managed in their interest.
Institution that functions much like a business, but does not operate for the purpose of generating profits
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