A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.
What is Law of Deman
100
Is the act of buyers and sellers freely and willingly engaging in market transactions.
What is Voluntary Exchange
100
One, not many owns a company.
What is Propietor
100
Owned and run by one individual and in which there is no legal distinction between the owner and the business.
What is Sole Proprietorship
100
Is a government-imposed limit on the price charged for a product. Governments intend price ceilings to protect consumers
What is Price ceiling
200
The amount of a product that consumers wish to purchase in some time period
What is Quantity Demanded
200
The income of an individual or group after taking into consideration the effects of inflation on purchasing power.
What is Real Income Effect
200
A partnership or conglomerate, formed often to share risk or expertise.
What is Joint Venture
200
Structure members don't have to worry about losing their personal wealth.
What is LLC
200
The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State.
What is articles of corporation
300
the amount that utility increases with an increase of one unit of an economic good or service.
What is Marginal Utility
300
Consumer choice is a theory of microeconomics that relates preferences to consumer demand curves. The link between personal preferences
What is Substitution Effect
300
Their goal is to help create and grow young businesses by providing them with necessary support and financial and technical services.
What is Small Business Incubator
300
A special type of partnership which is very common when people need funding for a business
What is Limited partership
300
A sum of money paid regularly by a company to its shareholders out of its profits .
What is Dividend
400
The demand curve is the graph depicting the relationship between the price of a certain commodity, and the amount of it
What is Demand schedule
400
Demand is based on price (like a rubber band)
What is Elastic Demand
400
A person is completely responsible for all debts in a company.
What is Unlimited Liability
400
The Articles of Incorporation sometimes also referred to as the Certificate of Incorporation.
What is Corporate Charter
400
Shares entitling their holder to dividends that vary in amount and may even be missed, depending on the fortunes of the company.
What is Common Stock
500
In contrast to a substitute good, is a good with a negative cross elasticity of demand.
What is Complementary Good
500
The price at which the quantity of a product offered is equal to the quantity of the product in demand.
What is Equilibrium Price
500
Stock that entitles the holder to a fixed dividend, whose payment takes priority over that of common-stock dividends.
What is Preferred Stock
500
A rule adopted by an organization in order to regulate its own affairs and the behavior of its members
What is By Laws
500
The tendency for a continuing application of effort or skill toward a particular project or goal to decline in effectiveness after a certain level of result has been achieved.