Business Structures
This type of business is owned and run by one person.
What is a sole proprietorship?
This market structure has many buyers and sellers, with no single entity controlling the market.
What is perfect competition?
This economic concept refers to the relationship between the price of a good and the quantity demanded, typically illustrated with a downward-sloping curve.
What is the law of demand?
This business has two or more owners who share profits and responsibilities.
What is a partnership?
In this market, there is only one seller for a product or service.
What is a monopoly?
This term refers to a situation where the quantity supplied exceeds the quantity demanded at a given price.
What is surplus?
A legal entity that is separate from its owners, with its own legal rights and liabilities.
What is a corporation?
This market structure has a few large firms that dominate the market.
What is an oligopoly?
This is the term for the market condition when the quantity demanded equals the quantity supplied.
What is equilibrium?
Is taxed as a separate legal entity and may be subject to corporate income tax.
What is a corporation?
In this market, products are similar but not identical, allowing some control over prices.
What is monopolistic competition?
This term describes the maximum price that can be charged for a good or service, often set by the government.
What is a price ceiling?
Is taxed as personal income to the owner.
What is sole proprietorship?
This is a market structure where firms compete on price, product features, and advertising.
What is monopolistic competition?
This term refers to goods that are used together, where the increase in the price of one leads to a decrease in the demand for the other.
What are complementary goods?