Unit 4: The Markets, Business Organizations,
and the Labor Market Review Sheet
Honors Economics
Topics for the Test
Be able to define and describe examples of the different market types:
 Perfect Competition
 Monopolistic Competition
 Oligopoly
 Monopoly
 Monopsony
What are some positives and negatives about each market type?
What is the difference between a price taker and a price setter?
Can you explain the big picture of the Oligopoly Game that we played in class?
Can you explain the concept of Game Theory? And how it relates to the Oligopoly game?
 Why is the best solution collectively an inferior solution individually?
What are some ways that the government regulates the market system? Is the trend towards more or less
regulation?
What is market share and how does it relate to the market structures discussed in this unit?
Be able to define, and know some traits, about each of the types of business organizations
 Sole Proprietorships
 Partnerships
 Corporations
What are economies of scale? What does this say in relation to oligopolies and entry into the market. Provide an
example.
Be able to explain trends in the Labor Market