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Honors Econ Unit 4 Vocab

Across
Market structure where a large number of firms produce the same product.
A business organization owned and operated by a group of individuals for their shared benefit.
An agreement among firms to sell at the same or similar prices.
Large businesses headquartered in one country that have subsidiaries throughout the world.
Organized association of workers, typically in a trade or profession.
An association by producers established to coordinate prices and production.
Unincorporated business organization in which multiple individuals manage the business and are equally liable for its debts.
The removal of some government controls over a market.
Down
Institutions that function like business organizations, but do not operate for profits and are exempt from federal income taxes.
Wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market.
A business owned and managed by a single individual.
Most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners.
Things that make it difficult for new firms to enter a market.
All nonmilitary people who are employed or unemployed
The higher the wage rate, the smaller the quantity of labor demanded by firms and government.
An agreement among members of an oligopoly to set prices and production levels.
In a perfectly competitive market in the short run, as the market demand increases, what happens to the firms' output and profit?