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Market Structures,Business Organizations & Labor
Unit 3: Chapters 7, 8 & 9
Study ToolInstructions: Locate and insert information
from the textbook & pictures from the internet
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Pure/Perfect Competition
• Definition:• Examples:
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Pure/Perfect Competition
Four Conditions for Perfect Competition
1. 2. 3. 4.
a. ____________b. ____________c. ____________
a. ____________b. ____________c. Commodity (&
examples): ____________
a. ____________b. ____________c. ____________
a. ____________b. ____________c. ____________
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Monopolies• Definition:• Examples:• Natural Monopoly– Definition:– Examples: – Non-examples:
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Monopolies
• Government Monopoly– Definition:– Examples:– Patent
• Definition:• Purpose of a government issued patent:
– Franchise & license• Franchise definition:• Examples:• License definition:• Examples:
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Monopolistic Competition
• Definition:• Examples:
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Monopolistic Competition
Four Conditions for Monopolistic Competition1. 2. 3. 4.
a. ____________b. ____________c. ____________
a. ____________b. ____________c. ____________
a. ____________b. ____________c. ____________
a. ____________b. ____________c. ____________
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Nonprice Competition
• Definition:• Different forms:– _____________________________– _____________________________– _____________________________– _____________________________
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Oligopoly
• Definition:• Examples:• Cartel definition:
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Regulation & Deregulation
• Why does the government regulate business practices?_____________________________– Examples:– Antitrust laws definition:– Examples:
• Why does the government de-regulate business practices?_____________________– Deregulation definition:– Examples:
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Chapter 8 - Business Organizations• Business Organization Terms– Business license:– Liability:– Fringe benefit:– Assets:
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Sole Proprietorship
• Definition:• Examples:• What percentage of business are sole
proprietorships? __________________
Advantages Disadvantages1._______________________________2._______________________________3._______________________________4._______________________________
1._______________________________2._______________________________3._______________________________4._______________________________
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Partnerships
• Definition:• Examples:• General Partnership– Definition:– Examples:
• Limited Partnership– Definition
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Corporations
• Definition:• Examples:• Characteristics:– ___________________________– __________________________– ___________________________– __________________________
• Stock definition:
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Corporate Combinations (Mergers)
• Horizontal Merger– Definition:– Examples:
• Vertical Merger– Defintion:– Examples:
• Conglomerate– Defintion:– Examples:
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Other Organizations
• Business franchise:– Examples:– Royalty definition:
• Cooperative:– Examples:
• Nonprofit organization:– Examples:
• Business organization:– Examples:
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Chapter 9 Labor
• Trends in Wages and Benefits (pg. 216-217)– Earnings up for some, down for others:
– Cost of Benefits:
– Jobs expected to see growth:
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Labor and Wages
• Laws against wage discrimination- pgs. 222, 223 (describe)
• Organizations created to enforce these laws
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Organized Labor
• Organized labor– Definition:– “Right to Work” Laws– Labor and management• Collective bargaining definition: