EPF Module 2 Vocab Part 3

A firm with no competitors within its industry.

A type of business that combines limited liability and single taxation without limits on foreign investors.

A business that is set up as a tax-free organization whose profits are returned to the organization 

A type of owner in a partnership who invests money in the business but who does not contribute to the actual running of

Economic System where economic decisions are made by both the citizens and the government.

The amount of goods or services produced by a worker in an hour.

A type of competitive market with only a small number of firms who control the industry.

A business that is owned and operated by two or more people who share the work and the profits or losses.

The extra money businesses get when they can sell their products for more than their lowest acceptable rate.

The process by which the monetary authority of a country controls the money supply in order to influence the economy.

A governmental agency responsible for worker safety.

Another name for intellectual property rights laws; laws that give ownership rights to inventors for their creation.

total amount of money owed by the fed govt; calculated by subtracting total federal deficits from total fed surplus

Materials or resources that will be transformed into another form or used for another product.

Finished goods and services.

Occurs when there are many firms within the same industry that are producing the same, or similar, products.

Resources that go into producing a product.

When two or more companies combine to form a single, larger company.

The owner’s legal authority to use a resource or to charge others for its use.

A type of business that allows limited partners to take more of a role in running the partnership w/out the worry of unl

1.      economic system where economic decisions such as pricing are solely guided by the citizens with minimal interact

Business whose shares are not traded publically on the stock market.

Products in an industry that are similar but slightly different than the competitor’s products;

An increase in the overall level of prices for goods.

A combination of a monopoly and perfect competition due to product differentiation.

The act of turning inventions and ideas into marketable products.

A firm that can serve an entire market at a lower cost than two or more firms could.