Business And Market Structures

Question 0

What 2 places can a entrepreneur get help starting a business from?

Answer 0

Government and the Internet.

Question 1

What are start ups?

Answer 1

Money needed to start a business.

Question 2

What are four elements of business operation?

Answer 2

Expenses, Advertising, Record Keeping, and Risks.

Question 3

What is a sole proprietorship.

Answer 3

When you own and operate your own business.

Question 4

Advantage of a sole proprietors.

Answer 4

Pride of receiving all profits.

Question 5

Disadvantage of a sole proprietor.

Answer 5

Unlimited liability

Question 6

What is Unlimited liability?

Answer 6

Complete legal responsibility.

Question 7

What are assets?

Answer 7

All proprietors can be seized to pay debt.

Question 8

What is a partnership?

Answer 8

When two or more people have ownership.

Question 9

What is limited partnership?

Answer 9

Special form of partnership where one or more individuals have limited ownership.

Question 10

What is a joint venture?

Answer 10

Set ups for a small amount of time

Question 11

What is a corporation?

Answer 11

An organization owned by many people but treated as one.

Question 12

What is stock?

Answer 12

Part ownership rights to certain future profits.

Question 13

What is limited liability?

Answer 13

When they can only sue your company not you?

Question 14

What are the articles of incorporation?

Answer 14

Primary rules governing the management of incorporations.

Question 15

Corporate charter

Answer 15

Regulations of incorporating.

Question 16

Biggest advantage of a corporation?

Answer 16

Limited liability

Question 17

What is a franchise?

Answer 17

When a company sells the right of a companies name to someone

Question 18

What is a merger?

Answer 18

When two or more companies combine.

Question 19

What is a market structure?

Answer 19

Amount of competition.

Question 20

What is a patent?

Answer 20

Gives exclusive rights to manufacture.

Question 21

What is a copyright?

Answer 21

Lifelong patent

Question 22

What are barriers to entry?

Answer 22

People’s ability to enter a market

Question 23

What are two most common barriers to entry?

Answer 23

Start up cost and technology

Question 24

What is the difference between collusion and a cartel?

Answer 24

Collusion deals with products and prices and cartels deals with barrier to entry.

Question 25

What is economies of scale? What market is it apart of?

Answer 25

Produce the largest amount for the lowest price and natural monopoly.

Question 26

4 types of markets.

Answer 26

Monopoly, monopolistic, oligopoly, and perfect competition.

Question 27

What three ways does the government use to protect competition?

Answer 27

Antitrust Legislation, Sherman Antitrust, and Clayton Act.

Question 28

What is interlocking directory?

Answer 28

Two Board of Directors one shared member.

Question 29

What are commodities?

Answer 29

Products that are the same.

Question 30

Characteristics of perfect competition.

Answer 30

A lot of businesses, what is made is what is sold, low barrier, stable prices.

Question 31

Monopoly?

Answer 31

One firm, one type of product, complete barrier, and control of prices.

Question 32

Oligopoly?

Answer 32

Few firms, identical products, high barriers, and non price.

Question 33

Monopolistic?

Answer 33

A lot of firms, different products, low barrier, and non price.