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Unit 4 Biz and Labor
Vocab for Unit 4
| Question | Answer |
|---|---|
| Sole Proprietorship | is a type of business owned and run by one person and in which there is no legal distinction between the owner and the business entity. |
| Limited Liability Corporation | a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation |
| Oligopoly | a market structure characterized by a few dominant businesses, with market and pricing power. |
| Monopoly | a market structure characterized by one dominant business, barriers to entry and pricing and market power. |
| Profit | Revenues - Costs |
| Fixed Costs | business expenses that are not dependent on the level of goods or services produced by the business. They tend to be recurring, such as interest or rents being paid per month. |
| Variable Costs | costs that change as the quantity of the good or service that a business produces changes. |
| Cost of Goods Sold | the cost of selling a product or a service, the total cost of offering a businesses product for sale. |
| The 4 P's of Marketing | Product, Place, Price, Promotion |
| MPR of Labor | Marginal Product X Revenue earned by Labor |
Created by:
doug.stan
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