Title: Unit 7: Market Structures Curriculum Alignment (Teacher Only)
Course: Alabama Economics Sample Syllabus > Section: Unit 7: Market Structures

7. Describe the organization and role of business.

• Comparing types of business firms, including sole proprietorships, partnerships, and corporations
• Explaining the role of profit as an incentive, including shortterm versus long-run decisions, for all firms
• Describing basic characteristics of pure competition, monopoly, monopolistic competition, and oligopoly
• Explaining ways firms finance operations, including retained earnings, stocks, and debt, and the advantages and disadvantages of each
• Explaining ways firms engage in price and nonprice competition
• Recognizing the role of economic institutions, including labor unions and nonprofit organizations, in market economies