| A | B |
|---|
| market | an arrangement that allows buyer and sellers to exchange things |
| perfect competition | a market structure in which a large number of firms all produce the same product |
| monopolistic competition | a market structure in which many companies sell products that are similar but not identical |
| oligopoly | a market structure in which a few large firms dominate a market |
| monopoly | a market dominated by a SINGLE SELLER |
| sole proprietorship | a business owned and managed by a single individual |
| partnership | a business organization owned by two or more persons who argre on a a specific division of responsibilities and profits |
| corporation | a legal entity owned by individual stockholders |
| revenue | income received by a government from taxes and non-tax sources |
| liability | the legally bound obligation to pay debts |
