Economics Unit 3 Review

Front 1

What are the four characteristics of a Pure monopoly

Back 1

Geographical, technological, government, natural

Front 2

What two Methods does the federal government used to keep this is competitive

Back 2

Sealed bidding and competitive negotiation

Front 3

What are three general types of debt financing

Back 3

Short-term, intermediate and long-term

Front 4

What type of financing is issuing a stock considered as

Back 4

Equity financing

Front 5

What does assembly-line productions require

Back 5

Coordination, cooperation and an understanding of continuous flow operation

Front 6

What steps are involved in market-research

Back 6

Gathering, recording and analyzing data about the data ,about the types of goods and services that people

Front 7

What two marketing strategies depend on price

Back 7

Penetration pricing and price leadership

Front 8

What is the difference between retailers and wholesalers

Back 8

Retailers sell consumer goods directly to the public and wholesalers purchase large quantities from producers To resale

Front 9

What is the difference between blue-collar and white-collar workers

Back 9

Blue-collar workers are employed in crafts, manufacturing and nonfarm labor and white colllars are employed offices, sales, or professional positions

Front 10

What are the major kinds of labor unions

Back 10

Craft and industrial unions

Front 11

What do union workers do when they go on strike

Back 11

Walk up and down in front of their workplace caring picket signs the state the disagreement with the company

Front 12

Perfect Competition

Back 12

Market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price.

Front 13

Oligopoly

Back 13

Industry dominated by a few suppliers who exercise some control over price.

Front 14

Conglomorate

Back 14

Large corporation made up of smaller corporations dealing in unrelated business.

Front 15

Deregulation

Back 15

Reduction of government regulation and control over business activity.

Front 16

Cost-Benefit Analysis

Back 16

A financial process in which a business estimates the cost of any action and compares it to the estimated benefits of that action.

Front 17

Intermediate-term Financing

Back 17

Funds borrowed by a business for 1 to 10 years.

Front 18

Mechanization

Back 18

Combined labor of people and machines.

Front 19

Test-Marketing

Back 19

Offering a product for sale in a small area for a limited time to see how well it sells before offering it nationally.

Front 20

Penetration Pricing

Back 20

Selling a new product at a low price to attract customers away from an establish product.

Front 21

Wholesalers

Back 21

Businesses that purchase large quantities of goods and services from producers for resale to other businesses.

Front 22

Blue-Collar Workers

Back 22

Category of workers employed in crafts, manufacturing, and nonfarm labor.

Front 23

Professionals

Back 23

Highly educated individuals with usually additional education or training.

Front 24

Agency Shop

Back 24

Company in which employees are not required to join the union, but must still pay union dues.

Front 25

Arbitration

Back 25

Union and Management submit the issues they cannot agree on to a third party for a final decision.