Business Organization and Market Structures

A business structure where two or more individuals share profits and responsibilities.

The total value of all goods and services produced within a country's borders in a specific period.

The amount of output produced per unit of input.

A market structure with many buyers and sellers, identical products, and free entry and exit.

A market structure with only one seller of a unique product with no close substitutes.

A market structure with a few dominant sellers, differentiated products, and some barriers to entry.

A market structure with many buyers and sellers, differentiated products, and relatively easy entry and exit.

A situation where a company can sell its products at a higher price than its competitors because of its unique features or brand recognition.

A situation where a company must accept the prevailing market price for its products, as it has no power to influence it.

A type of tax where the tax rate is the same for all income levels.

A type of tax where the tax rate increases as income increases.

A type of tax where the tax rate decreases as income increases.

The most common type of market structure in the US.

The market structure that most closely resembles perfect competition.

Industries where a small number of large companies dominate.

The amount of output produced by a single worker or unit of capital.

Improvements in technology, skills, or methods that increase productivity.

The resources used in production, like machinery, buildings, and equipment.

The skills, knowledge, and training of the workforce.

A type of business organization where the owner has complete control and liability.

A business organization where the owners have limited liability and the company is separate from the owners.

A business model where a company grants the right to use their brand and products to other businesses.

A business organization that requires owners to split profits.

A business organization that allows owners to share responsibilities.

A situation where the government intervenes in the market to regulate or control prices.

A type of tax that is paid by the consumer, but ultimately collected by the producer.

A measure of the average standard of living in a country.

A measure of the total value of all goods and services produced in a country.

A type of tax that is paid directly by the individual, like income tax.

A type of tax that is levied on the value of assets, like property tax.

A type of tax that is levied on the income earned from investments.

A type of tax that is levied on the sale of goods and services.

A type of tax that is levied on the use of a product or service, like gasoline tax.