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| A market structure in which a large number of firms all produce the same produce |
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| A product that is the same no matter who produces it |
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| Any factor that makes it difficult for a new firm to enter a market |
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| The expenses a firm must pay before it can begin to produce and sell goods |
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| A market dominated by a single seller |
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| Factors that cause a producer's average cost per unit to fall as output rises |
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| A market that runs most efficiently when one large firm supplies all of the output |
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| A license that gives the inventor of a new product that exclusive right to sell it for a certain period of time |
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| The right to sell a good or service within an exclusive market |
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| 79 Monopolistic competition |
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Definition
| A market structure in which many companies sell products that are similar but not identical |
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| Making a product different from other similar products |
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| A way to attract customers through style, service, or location, but not a lower price |
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| A market structure in which a few large firms dominate a market |
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| A series of competitive price cuts that lowers the market price below the cost of production |
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| An agreement among firms to divide the market, set prices, or limit production |
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| An agreement among firms to charge one price for the same good |
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| A formal organization of producers that agree to coordinate prices and production |
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| Selling a product below cost to drive competitors out of the market |
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| An illegal grouping of companies that discourages competition |
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| Laws that encourager competition in the marketplace |
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| Combination of two or more companies into a single firm |
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| The removal of some government controls over a market |
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| An establishment formed to carry on commercial enterprise |
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| A business owned and managed by a single individual |
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| Authorization to start a business issued by the local government |
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| Law in a city or town that designates separate areas for residency and for business |
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| The legally bound obligation to pay debts |
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| Payment other than wages or salaries |
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| A business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
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| A concept whereby a person’s financial liability is limited to a fixed sum, most commonly the value of a person’s investment |
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| Money and other valuables belonging to an individual or business |
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| A legal entity owned by individual stockholders |
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| A certificate of ownership in a corporation |
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| A formal contract to repay borrowed money with interest at fixed intervals |
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| The portion of corporate profits paid out to stock holders |
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Definition
| The combination of two or more firms competing in the same market with the same product |
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| The combination of two or more firms involved in different stages of production |
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Definition
| Business combination merging more than three businesses that mare unrelated products |
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| 108 Multinational corporation |
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Definition
| Large corporation that produces and sells its goods and services throughout the world |
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Definition
| A semi-independent business that pays fees to a parent company for the right to sell a product in a given area |
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| Share of earnings given as payment |
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Definition
| A business organization owned and operated by a group of individuals for their mutual benefit |
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| 112 Nonprofit organization |
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Definition
| Institution that functions much like a business, but does not operate for the purpose of generating profits |
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| All nonmilitary people who are employed or unemployed |
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| The theory that education increases productivity and results in higher wages |
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| An organization of workers that tries to improve working conditions, wages, and benefits for its members |
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| A measure that bans mandatory union membership |
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Term
| 118 Collective bargaining |
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Definition
| The process in which union and company representatives meet to negotiate a new labor contract |
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| A settlement technique in which a neutral mediator meets with each side to try and find a solution that both sides will accept |
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| A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides |
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