Business Firms and Industrial Structure Glossary
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- Business firm
- An organization under one management set up to make profits for its owners by producing goods or services that can be sold in the market.
- Plants
- Physical structures or locations capable of independent production with some degree of autonomy .
- Proprietorship
- The least complex, most basic and common form a business can take. Basically, any person is a proprietorship.
- Partnership
- Proprietorship with more than one proprietor.
- Corporation
- A business formally established under legal terms and granted an identity separate from its owners.
- Dividends
- The share of profits they receive from the corporation.
- Industry
- Groups of competing firms that produce similar products in the market.
- Perfect information
- A presumption in which buyers and sellers are fully informed with the price and availability of all resources and products.
- Monopoly
- The opposite of perfect competition, a market or industry in which only one firm produces a product for which no close substitutes exit.
- Monopolistically competitive market
- A market in which many sellers compete to sell a basically the same but differentiated product, and in which new entry is possible.
- Oligopoly
- A market dominated by just a small number of firms(oligopolists) and entry of new competitors is difficult or impossible.