Micro/Macro economics
Who is studied in micro
individuals and households
Traditional
Customs are used in business
What is demand
The amount customers want
surplus
left over products
Partnership
2 or more people share parts of a businesses
what is micro studied
Production and exchange
Command
Maintained by the government
Demand Curve
representation of the quantity of demand
shortage
high demand
corporation
A legal title that is separate from its owners
Is Price and Cost studied in micro economics: yes or no
yes
Mixed
Maintained by the government and the people
law of demand
principle of economics
Fixed prices
Non profite
public or social benefit
who is studied in macro
national and regional
Market
Mainly controlled by the people
Quantity of demand
total amounts of goods
Equilibruim
Market is cleared
Government owned
The state owned the rights to this business
What is studied in macro
single markets
Communist Economies
political and economic system that seeks to create a classless society.
elasticity
degree in the change of demand
Prices are stable
No shortage or surplus
Franchis
Certain place that carries out commercial activities and products