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Unit 3 vocabulary
Unit 3: Business Organizations & Market Structures
Entrepreneurs start new businesses every day. In addition to deciding how to produce and advertise their goods or services, how many people to hire, etc -- each entrepreneur must choose a what type of business organization they wish to run. Each business falls into one of three categories: sole proprietorship, partnership, or corporation. These three business organizations each have their advantages and disadvantages.
In addition to falling under a specific business organization, each business also falls under certain market structures: pure competition, monopoly, oligopoly, or monopolistic competition. For instance, Coca-Cola is a corporation that operates as an oligopoly.
We are covered the following standard(s) in Unit 3:
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Compare and contrast three forms of business organization--sole proprietorship, partnership, and corporation.
b. Explain the role of profit as an incentive for entrepreneurs.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure/perfect competition.