Glossary

TERMS YOU MAY HAVE HEARD IN THIS VIDEO:

Monopoly – When one provider is the dominant provider in the market and that producer is able to prevent others from offering competing products or services. Amonopolistic behavior occurs when a firm charges a higher price for the same good than would otherwise occur in a competitive market. That doesn’t mean that all high prices are due to monopoly behavior. A company that offers a superior product can expect to charge a higher price than a competing product of less quality. But a company that gets to charge higher prices because other businesses aren’t allowed to offer competing services is benefiting from its monopoly status.

Charter Schools – A charter school is an independently run public school granted greater flexibility in its operations, in return for greater accountability for performance. The "charter" establishing each school is a performance contract detailing theschool’s program, students served, performance goals, and methods of assessment. Charter schools can vary a great deal in their design and results. They are also public schools of choice, meaning that families choose them for their children. They operate with freedom from some of the regulations that are imposed upon district schools. Charter schools are accountable for academic results and for upholding the promises made in their charters. They must demonstrate performance in the areas of academic achievement, financial management, and organizational stability. If a charter school does not meet performance goals, it may be closed.

Private Schools – Private schools are self-funded and primarily rely on tuition, grants, donations, and endowments. They are completely autonomous and can offer curriculum not regulated by state standards.