Economics Unit 3 Review

perfect competition
numerous buyers and sellers
oligopoly
some control over price
conglomerate
large corporation made up of small corporations
deregulation
reduction of government
cost-benefit analysis
business estimates the cost of any action
intermediate-term financing
funds borrowed for 1 to 10 years
mechanization
labor of people and machines
test-marketing
offering product for a limited time
penetration pricing
selling new product at low price
wholesalers
businesses purchase large quantities for resale
blue-collar workers
workers employed in crafts, manufacturing, and nonfarm labor
professionals
educated individuals
agency shop
not required to join union
arbitration
issues they cannot agree on
four characteristics of pure monopoly
single seller, no subs., barriers to entry, almost control of market price
TWO methods fed gov use for business competition
direct reg., and price quality
THREE types of debt financing
short, intermediate, and long-term financing
type of financing issuing stock
equity financing
assembly-line production require
coordination, cooperation and understanding flow op.
steps involved in market research
gathering, recording, and analyzing data
TWO market strategies on price
penetration pricing and coupons attached to product
difference between retailers and wholesalers
sell in large quantities and sell in small quantities
difference between blue-collar and white-collar workers
employed in crafts and employed in offices
MAJOR kinds of labor unions
craft, industrial, and local unions
what union workers do when on strike
walk infront of workplace with signs and boycott
relationship among types of products that sellers sell
argricultural markets
THREE types of market structures with imperfect competition
monopoly, oligopoly, and monopolistic
difference between horizontal and vertical merger
provides same service and different steps come together
TWO methods fed gov use to keep business competitive
business pricing and product quality
relationship between marketing and utility
satisfy consumers
stages of typical product life style
intro growth maturity and decline
perform storage function
producer, wholesaler or retailer
TWO union federations merged
AFL-CIO