Studied by 6 peopleBusinesses
can be big in the sense of making a high percentage of all the sales in their industries.
Cartel
a group of businesses which agree among themselves to charge higher prices or otherwise avoid competing with one another.
Corporation
has a separate legal identity, so that the individual owners of the corporation are not personally liable for its financial obligations.
Corporate governance
Executives are put in charge of corporate management, hired and if need be fired by a board of directors who hold the ultimate authority in a corporation.
Monopoly
means literally one seller
Cartel
Where there is a formal organization in an industry to set prices and output
Monopolist
produces less output than a competitive industry would produce with the same available resources, technology and cost conditions.
Note
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