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15 Cards in this Set
- Front
- Back
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Competition |
When multiple businesses improve quality and or decrease prices to increase sales |
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Monopoly |
When there is one dominant company in a market of a product or service and there is no substitute |
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Oligopoly |
When a few and interdependent companies dominate a market |
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Perfect competition |
Market situation where there are very many sellers of the same product in which no company has control over prices |
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Monopolistic competition |
Many sellers sell a similar product (could be used as a substitute) |
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Vertical merger |
Two companies from different phases of production process joining together |
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Horizontal merger |
Two companies in the competing business joining together |
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Conglomerate merger |
Two or more unrelated companies joining together |
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Collective bargaining |
When representatives of the worker and business meet to discuss working conditions |
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Strike |
Refusal to work until demands are met |
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Lockouts |
Owners do not allow workers in place of employment |
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Mediation |
Third neutral party suggest possible solutions to workplace problems |
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Arbitration |
Third neutral party decide solutions to workplace problems that must be accepted by both parties |
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Union |
An organization of workers designed to help protect worker rights |
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Economy |
A country's markets for goods / services |
