UNIT III STUDYGUIDE

Please review your notes, worksheets, SSGs, and chapters 7, 8, 10, and 11 to help prepare you for the test.

6 Characteristic of Entrepreneurs (some things to think about as you’re working shark tank!):

1.

2.

3.

4.

5.

6

5 Strategies Used by Entrepreneurs:

1.

2.

3.

4.

5.

Small Businesses

-advantages

-disadvantages

Sole Proprietorship

-advantages

-disadvantages

Partnership

-advantages

-disadvantages

LLP

-characteristics

Corporation

-advantages

-disadvantages

LLC

-advantages

-disadvantages

S-Corporation

-advantages

-disadvantages

Dividend

Stock

Non-Profit Corporations

Conglomerates

Cooperatives

Market Structures and Competition:

Perfect Competition

-what are the conditions needed?

Monopolistic Competition

-what are the conditions needed?

Oligopoly

-what are the conditions needed?

Monopoly

-what are the conditions needed?

Franchise

cooperative

Key Antitrust Legislation:

Sherman Anti-Trust Act

Clayton Act

Price Fixing

Predatory Pricing

Collusion

Mergers

Vertical merger

Horizontal Merger

Joint Venture

Conglomerate Mergers

What are the Four “P”s of Marketing? :

Substitution Effect

Labor Force

Productivity

Wages

Why Do Wages Differ?

Learning Effect

Screening Effect

Human Capital

Barriers to Wages/Occupations? (imperfections)

Creative Destruction

Labor Market Discrimination:

-Gender- how?

-Race-how?

Types of Unions:

Open Shop

Union Shop

Closed Shop

Right to Work

Free Rider

Categories of Labor: Unskilled, others?

Why is discrimination bad for the economy?

How are Government Regulation barrier to wages?

Minimum Wage ¨What is it? Philosophy? Effects?

Unions

-effects of unions

-decline of unions

- strikes

-sit-ins

-Picketing

-collective Bargaining

Labor Legislation such as :

-Wagner Act

-Taft Hartley Act

Utility Patent

Design Patent