Definitions Flashcards
1
Q
What happens when a company has a monopoly?
A
You buy out your competitors and take over other businesses
2
Q
Why are monopolies bad for customers?
A
Prices go up
3
Q
Monopoly:
A
When you practically have no competitors. Nearly the only company that makes and sells certain products.
4
Q
Corporation:
A
A business that’s owned by a lot of people
5
Q
Vertical integration:
A
when a company owns different parts of its supply chain
6
Q
Assembly line:
A
A way to make things faster and cheaper. One worker works at one place
