Market Structures,Business Organizations & Labor

Unit 3: Chapters 7, 8 & 9

Study ToolInstructions: Locate and insert information

from the textbook & pictures from the internet

Pure/Perfect Competition

• Definition:• Examples:

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. ____________

Monopolies• Definition:• Examples:• Natural Monopoly– Definition:– Examples: – Non-examples:

Monopolies

• Government Monopoly– Definition:– Examples:– Patent

• Definition:• Purpose of a government issued patent:

– Franchise & license• Franchise definition:• Examples:• License definition:• Examples:

Monopolistic Competition

• Definition:• Examples:

Monopolistic Competition

Four Conditions for Monopolistic Competition1. 2. 3. 4.

a. ____________b. ____________c. ____________

a. ____________b. ____________c. ____________

a. ____________b. ____________c. ____________

a. ____________b. ____________c. ____________

Nonprice Competition

• Definition:• Different forms:– _____________________________– _____________________________– _____________________________– _____________________________

Oligopoly

• Definition:• Examples:• Cartel definition:

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:

Chapter 8 - Business Organizations• Business Organization Terms– Business license:– Liability:– Fringe benefit:– Assets:

Sole Proprietorship

• Definition:• Examples:• What percentage of business are sole

proprietorships? __________________

Advantages Disadvantages1._______________________________2._______________________________3._______________________________4._______________________________

1._______________________________2._______________________________3._______________________________4._______________________________

Partnerships

• Definition:• Examples:• General Partnership– Definition:– Examples:

• Limited Partnership– Definition

Corporations

• Definition:• Examples:• Characteristics:– ___________________________– __________________________– ___________________________– __________________________

• Stock definition:

Corporate Combinations (Mergers)

• Horizontal Merger– Definition:– Examples:

• Vertical Merger– Defintion:– Examples:

• Conglomerate– Defintion:– Examples:

Other Organizations

• Business franchise:– Examples:– Royalty definition:

• Cooperative:– Examples:

• Nonprofit organization:– Examples:

• Business organization:– Examples:

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:

Labor and Wages

• Laws against wage discrimination- pgs. 222, 223 (describe)

• Organizations created to enforce these laws

Organized Labor

• Organized labor– Definition:– “Right to Work” Laws– Labor and management• Collective bargaining definition: