What competitive environment exists when there is only one business providing a product in a given market?
List View: Terms & Definitions
|Oligopoly||The market structure that exists when there are very few businesses selling a product .|
|Monopoly||The market structure that exists when there is only one business providing a product in a given market .|
Is the number of goods and services that consumers are willing to buy at different prices at a specific time?
Econ Ch 7
|demand||amount of good or service consumers able & willing to buy at various prices during specified time|
|supply||amount of good or service producers can sell at various prices during a specified time|
|market||process of freely exchanging goods & services between buyers & sellers|
Do businesses have the right to keep and use their profits as they choose?
Nonprofit organizations such as Habitat for Humanity do not engage in management, marketing, or finance activities. Profit is what it costs to make and sell a product. Businesses have the right to keep and use their profits as they choose , without limitations.
What is the primary lesson to be learned from the economic scandals of the early 21st century?
What is the primary lesson to be learned from the economic scandals of the early 21st century ? Ethical conduct and corporate social responsibility are very important.
What is competitive situation in business?
the standing of an organisation in its markets, relative to its competitors , when all players are described in terms of their size, resources, capabilities, product range and quality, marketing strategies, opportunities, goals, intentions, behaviour and similar variables.
What exists when there are many small businesses selling one standardized product?
An oligopoly exists when there are many small businesses selling one standardized product .
What are market demands?
Market demand is the total quantity demanded across all consumers in a market for a given good. Aggregate demand is the total demand for all goods and services in an economy.
What is the amount of a good or service that a consumer is willing to buy called?
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing.
Which of the following is a basic right under capitalism?
Capitalism is the foundation of the U.S. economic system. The freedom of people to buy, sell, and use land, buildings, machinery, and inventions are basic capitalist rights under : The right to own private property.
What is the major goal of companies?
The Goals of a Business . The primary purpose of a business is to maximize profits for its owners or stakeholders while maintaining corporate social responsibility.
What is the main purpose of going into business?
Typically, there are three reasons to start or operate a business. They are to make money, to gain satisfaction from working in a field of interest , and to benefit others. The order of the reasons depends on your personal goals and whether the business is a for-profit business or non-profit organization.
Why is profit not a good primary business purpose?
YOU need more purpose than profit to make it through; PROFIT doesn’t motivate the salaried staff who make success happen; CUSTOMERS don’t appreciate being seen just for their revenue ; and, Because there is a high correlation between the way employees feel about the company and the way customers do.”