||Compare and contrast the
following forms of business organization: sole proprietorship,
partnership and corporation.
||Recognize that economic
institutions, such as labor unions, nonprofit organizations and
cooperatives, evolve in market economies to help members and clients
accomplish their goals.
||Identify the basic
characteristics of the four market structures: monopoly, oligopoly,
monopolistic competition and pure competition.
||Explain how competition among
many sellers lowers costs and prices.
||Demonstrate how firms
determine price and output through marginal analysis.
||Explain ways that firms engage
in price and non-price competition.
||Identify laws and regulations
adopted in the United States to promote competition among firms.
||Explain the function of profit
in a market economy as an incentive for entrepreneurs to accept the
risks of business failure.
||Describe the benefits of
natural monopolies (economies of scale) and the purposes of
government regulation of these monopolies, such as utilities.