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CHAPTER 8 STUDY GUIDE
1.
Monopoly:
a.
Is when a
company controls all aspects (parts) of an industry
b.
It has
the fewest suppliers
2.
Natural Monopoly: When one company controls all of the raw
materials needed to make a product
3. Perfect
Competition:
a.
When you
have unlimited buyers and unlimited producers
b.
Has the
most producers
c.
It has a
market that is the easiest to enter
4.
OPEC-
Organization of Petroleum Exporting Countries
a.
Is a CARTEL based in the Middle East
b.
It’s 5 original members are: Saudi
Arabia, Iran, Iraq, Kuwait, Venezuela
5.
Oligopoly:
a.
When 3 or
4 of the largest sellers dominate (control) most of the market
b.
Only a
few sellers
c.
Sellers
cannot enter the market easily
d.
Sellers
offer identical or similar products
6.
Collusion: when sellers secretly agree to set
production levels or prices
7.
Cartel: When multiple corporations join together to (control) dominate
an industry
8.
Price War: Sellers aggressively undercut each other’s
prices in an attempt to gain market share.
9.
Consumers: Are buyers
10. Producers: Are sellers
11. SEC- investigates insider stock trading /
illegal stock trades
12. OSHA:
a.
Monitors
safety in the work place (work place safety)
b.
Would be
concerned if your job had exposed (shown) wiring that could electrocute you
13. EEOC:
a.
Investigates
discrimination in the work place in hiring practices
b.
Would
watch for discrimination: such as companies only hiring men
14. FDA:
a.
Approves
a new medicine (legal drugs) before the public can buy it and use it
b.
Ensures
that cosmetics are safe for the public to use
15. FCC:
a.
Monitors
television broadcasts and radio
b.
They are
concerned about keeping radio broad casts from being too vulgar
c.
They also
don’t want bad language and nudity on television
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