Well you should have studied the business vocab sheet like I told you to.
Sooo not ready for the Eco test.
The only thing I remember is that partnership business share responsibility and profit. Also that it's run by two or more people.
I can't believe the only thing she remembered was Partnership!
Hopefully she remembers that the test is going to be about the connection between these two words.
Okay fine. Oligopoly: consists of a few large firms that works as their own or a team. They may produce either different or the same products.
Please help me and give me a quick summary of one vocab.
Now that I think about it partnership can become and oligopoly. I mean...
...partnerships can sell a variety of products that not many can compete with. Isn't that like having a haigh barrier of entry....humm. Also an oligopoly consist of a few large firms and therefore....there will be lots of small firms which the majority of partnership business consist of.