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how businesses compete

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Section 1

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ability to compete depends on

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (33)

Section 1

(33 cards)

ability to compete depends on

Front

successful coordination- meaning that people must compete for the scarce resources available

Back

everything that takes place between production and purchase

Front

marketing

Back

other ways to compete besides price

Front

a particular feature, special services, better materials and production methods

Back

involves many buyers and sellers, none of which can individually influence the market price

Front

pure price competition

Back

place

Front

location location location

Back

functions of marketing

Front

gathering data, buying, transporting, selling, storing, financing, standardizing, grading, managing risk

Back

must be one consumers want

Front

product

Back

part of marketing and differentiation

Front

promotion

Back

the exclusive right of the authors of original writings and artistic works to sell or in any way reproduce their works for their lifetime plus 50 years

Front

copyrights

Back

Front

Back

two or more companies involved in different steps of the production process

Front

vertical merger

Back

a market dominated by a few large firms

Front

oligopoly

Back

earn the most profit

Front

price

Back

government grants the right to operate without competition

Front

government licenses

Back

results of competition are

Front

more and better products at lower prices, more jobs, more efficient use of resources and higher wages

Back

restrains trade

Front

collusion

Back

inventor has legal right to a new product or idea exclusively for 17 years

Front

patents

Back

when one business buys another

Front

merger

Back

combines two or more unrelated companies under a single management

Front

conglomerate merger

Back

efficient and supported by law

Front

legal monopolies

Back

work to differentiate their products and seek the best combination of price and production quantity, each is dependent on what the others do

Front

businesses in an oligopoly

Back

4 P's of marketing

Front

product, price, promotion, place

Back

single seller, no close substitutes, barriers to entry

Front

monopoly

Back

two or more companies engaged in the same business

Front

horizontal merger

Back

seek the right price to charge for their products

Front

price searchers

Back

the process of making products unique, occurs in many areas

Front

differentiation

Back

market with one seller

Front

monopoly

Back

price fixing is a form of what

Front

collusion

Back

accept the price determined by market and decide how much to produce

Front

price takers

Back

a market with many sellers selling similar but not identical products, competition very intense

Front

monopolistic

Back

special design, name or symbol that identifies a product service or company, competitors cannot use identical or similar symbols

Front

trademarks

Back

companies work together on a project their maintain independence

Front

joint venture

Back

public utilities, city bus lines, mass transit

Front

natural monopolies

Back