A Sense of Industry Would Develop When

question 15

Multiple Choice

A sense of industry would develop when

• A) a child brings home a bad report card.
• B) a child is chosen last for team games at recess.
• C) a child's ability with the violin is recognized by parents and neighbors.
• D) a child is punished for not cleaning the garage as assigned.

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Definitions:

Profit Rewards

The financial gains that accrue to entrepreneurs or investors as a result of taking a risk in the marketplace.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and no single firm having market control.

Market Structure

The organizational and other characteristics of a market, influencing the level of competition and pricing within the market.

Oligopoly

A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.