Economics Vocabulary and concepts | Baamboozle - Baamboozle

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law firms, physician groups, real estate investment firms and accounting groups are examples of

partnerships

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star

Double points!

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rocket

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What is an oligopoly?

a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies

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Chick-Fil-A is an example of this kind of business

Franchise

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What is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers

Nonprofit organization

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What does Unlimited liability mean?

owner is personally liable for the debts and expenses of the business

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heart

Other team wins 25 points!

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gift

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baam

Lose 25 points!

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banana

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star

Double points!

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gift

Win 25 points!

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banana

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What is a monopoly?

a situation where there is a single seller in the market

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70% of all businesses in the US

Sole proprietorship

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Mom and Pop Stores, mechanic shops, computer repairs are examples of this type of business

Sole proprietorship

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McDonald is an example of a

franchise

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Walmart is an example of what type of business

Corporation

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A business that ceases to exist if the owner dies, retires, or leaves the business.

Limited life

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baam

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fairy

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shark

Other team loses 15 points!

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partial ownership in a company

stock

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