Economics Chapter 3/7 Review.

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Presentation transcript:

Economics Chapter 3/7 Review

Vocabulary Sole Proprietorship Principal Depreciation Multinational Interest

Vocabulary Laisse-Faire Natural Monopoly Perfect Competition Product Differentiation Externality

Concepts Types of Business Structure/Organizations Profit Pros/Cons Characteristics Structures Profit Calculating/Determining

Concepts Role of Government What does it provide? How? Why?

Concepts Types of Mergers Multinationals/Conglomerates Characteristics Definition Multinationals/Conglomerates Definitions/Descriptions Examples

Concepts Market Structures Externalities Characteristics/Descriptions Perfect competition Monopolistic Competition Oligopoly Monopoly Types Characteristics Externalities

Concepts Governmental Regulatory Agencies What are they? What do they do? Why are they needed?

Concepts Anti-trust Laws What did they do? Why were they needed? Sherman Antitrust Act (1890) Clayton Antitrust Act (1914)

Concepts Federal Trade Commission Act (1914) Regulate unfair competition in interstate commerce. Robinson – Patman Act (1936) Forbade rebates and discounts unless they were offered to all buyers.

Concepts Role of Government What does government provide? How? Why? How does this interaction help the public/consumers?

Concepts

Concepts

Concepts

Concepts

Concepts

Concepts – Federal Regulatory Agencies

Essays Define and compare mergers, conglomerates, and multinationals. How does each of these business forms benefit the consumer? What are the differences in how an oligopoly and a monopoly conduct business? How do competition, product variety, and price vary between monopolistic competitors and a monopoly?

Essays Based on this passage, what forms of business organizations and market structures is Woodrow Wilson describing? Would Wilson have favored stronger antitrust laws or less government interference with business? Explain your answer using the content of Chapters 3 and 7

Essays Why do you think owners of sports arenas, such as the one described in the passage, may not improve seating for the disabled of their own accord, without being forced? Do you think that it is fair for the government to mandate such accommodations? Why? Identify one positive and one negative externality in this scenario.