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3.1 |
Compare and contrast the
following forms of business organization: sole proprietorship,
partnership and corporation. |
| 3.3 |
Recognize that economic
institutions, such as labor unions, nonprofit organizations and
cooperatives, evolve in market economies to help members and clients
accomplish their goals. |
| 3.4 |
Identify the basic
characteristics of the four market structures: monopoly, oligopoly,
monopolistic competition and pure competition. |
| 3.5 |
Explain how competition among
many sellers lowers costs and prices. |
| 3.6 |
Demonstrate how firms
determine price and output through marginal analysis. |
| 3.7 |
Explain ways that firms engage
in price and non-price competition. |
| 3.8 |
Identify laws and regulations
adopted in the United States to promote competition among firms. |
| 3.9 |
Explain the function of profit
in a market economy as an incentive for entrepreneurs to accept the
risks of business failure. |
| 3.10 |
Describe the benefits of
natural monopolies (economies of scale) and the purposes of
government regulation of these monopolies, such as utilities. |
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