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16 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Entrepreneur |
A person who decides to combine resources to create goods and services |
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3 Main Business Org: |
Sole Proprietorship Partnership Corp |
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Business org that is a unique entity that separates personal and business assets |
Corp |
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License to operate under a corp name and products |
Franchise license |
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Business iwned by 2 or more people |
Partnership |
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Small business that enjoys benefits of corp without taxes |
Franchise |
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Combines advantages of corp and partnership |
Merger |
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Most common business org |
Sole Proprietorship |
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Most profitable business org |
Corporation |
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Collusion |
Secret gov operation or cooperation especially for an illegal or deceitful purpose |
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Vertical merger |
Merger bw 2 companies at separate stages of prod for the same end product |
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Horizontal merger |
Merger or business corp in which separate businesses operate in same space for same end product. Could be bad bc it decreases competition and allows for price increase. |
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Pure competition |
A market with 2 broad range competitors selling same product |
Agricultiral products (corn, wheat, etc) |
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Pure monopoly |
1 company is single source for product with no substitute |
Ex. Utility companies like water and electricity and cell |
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Monopolistic competition |
Imperfect competition that sells product differentiated from one another by branding, quality, etc |
Ex. Restaurants and hotels and pubs |
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Oligopoly |
Market or industry dominated by small number of sellers |
Ex auto industry |
