Vocabulary
Business organizations
Market structures
Supply and demand
Misc.
100
In this system, the government does not interfere in the economy.
What is laissez-faire?
100
These business organizations have unlimited liability.
What are sole proprietorship and partnership?
100
This market structure has only one product and no competition.
What is monopoly?
100
This is determined by the interaction of supply and demand.
What is equilibrium price?
100
This is another terms for maket economy.
What is capitalist?
200
According to this, producers are willing to supply more when the rpice of a good or service goes up.
What is the law of supply?
200
This business organization has limited liability.
What is a corporation?
200
This market structure has few suppliers, some control over price, and non-price competition.
What is oligopoly?
200
An increase in demand for a product causes the price to do this.
What is rise?
200
This type of business accounts for the greatest share of revenues.
What is corporation?
300
This effect can decrease the quantity demanded of a good.
What is substitution?
300
This is the most comon type of business.
What is sole proprietorship?
300
This market structure is subject to laws of supply and demand.
What is pure competition?
300
Demand for one particular brand of coffee is probably this.
What is elastic?
300
This is when the owner of a business bears complete legal responsibility for all debts and demages arising from doing business.
What is unlimited liability?
400
This means additional satisfaction declines as additional units of an item are consumed.
What is diminishing marginal utility?
400
This type of business has two or three owners.
What is partnership?
400
This market structure has multiple sellers and a high advertising cost.
What is monopolistic competition?
400
If the price of a product is above the equilibrium price the result is this.
What is surplus?
400
Corporations are owned by these.
What are stockholders?
500
Economic concept dealing with consumers' responsiveness to an increase or decrease in price.
What is elasticity?
500
This is a temporary partnership set up for a specific purpose for alimited period of time.
What is joint venture?
500
This market structure has interdependence, some control over price, and examples are cereals, soft drinks, and cars.
What is oligopoly?
500
This will cause the demand curve to shift right.
What is an increase in population?
500
This type of economy is completely controlled by the government.
What is command economy?
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