1. Market Structures,Business Organizations & Labor Unit 3: Chapters 7, 8 & 9 Study Tool Instructions: Locate and insert information from the textbook & pictures from the internet

2. Pure/Perfect Competition Definition: Examples:

3. 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.____________

4. Monopolies Definition: Examples: Natural Monopoly – Definition: – Examples: – Non-examples:

5. Monopolies Government Monopoly – Definition: – Examples: – Patent Definition: Purpose of a government issued patent: – Franchise & license Franchise definition: Examples: License definition: Examples:

6. Monopolistic Competition Definition: Examples:

7. Monopolistic Competition Four Conditions for Monopolistic Competition 1.2.3.4. a.____________ b.____________ c.____________ a.____________ b.____________ c.____________ a.____________ b.____________ c.____________ a.____________ b.____________ c.____________

8. Nonprice Competition Definition: Different forms: – _____________________________

9. Oligopoly Definition: Examples: Cartel definition:

10. 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:

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

12. Sole Proprietorship Definition: Examples: What percentage of business are sole proprietorships? __________________ AdvantagesDisadvantages 1._______________________________ 2._______________________________ 3._______________________________ 4._______________________________ 1._______________________________ 2._______________________________ 3._______________________________ 4._______________________________

13. Partnerships Definition: Examples: General Partnership – Definition: – Examples: Limited Partnership – Definition

14. Corporations Definition: Examples: Characteristics: – ___________________________ – __________________________ – ___________________________ – __________________________ Stock definition:

15. Corporate Combinations (Mergers) Horizontal Merger – Definition: – Examples: Vertical Merger – Defintion: – Examples: Conglomerate – Defintion: – Examples:

16. Other Organizations Business franchise: – Examples: – Royalty definition: Cooperative: – Examples: Nonprofit organization: – Examples: Business organization: – Examples:

17. 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:

18. Labor and Wages Laws against wage discrimination- pgs. 222, 223 (describe) Organizations created to enforce these laws

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