Business organization
A place that is owned by one person
what is solo proprietorship
An organized way for providing for the wants and needs of society
what is an Economic System
a combination of two of more business to form a single firm
what is a Merger
Cost that a business incurs even if there is little or no activity
what is a fixed cost
A measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
what is Elasticity
occurs when the factors that influence an economy are out of balance.
what is economic instability
Economic system in which basic economic activity stems from ritual, habit, or custom
what is Traditional Economy
determined by subtracting expenses including taxes from revenue
what is Net Income
Cost that changes when the business’s rate of operation or output changes
what is Variable Cost
The extent to which a change in price causes a change in the quantity demanded
what is Demand Elasticity
an economic term for understanding the division of a tax burden between stakeholders, such as buyers and sellers or producers and consumers.
what is Economics of taxation
Economic system in which basic economic decisions are made by a central authority
what is a command economy
A noncash change a firm takes for the general wear and tear on it capital
what is Deprecation
Extra cost incurred when a business produces one additional unit of a product
what is Marginal Cost
Describes demand when a given change in price causes a relatively larger change in the quantity demanded
what is Elastic
an entity formed for the purpose of carrying on commercial enterprise.
what is Business Organizations
Economic system in which basic decisions are made by people and firms acting in their own best interest
what is a Market Economy
A corporation that has has operations in a number of different countries
what is Multinational
The number of units sold multiplied by the average price per unit
what is Total Revenue
Describes demand when a given change in price causes a proportional change in the quantity demanded
what is Unit Elastic
A combination of two or more businesses to form a single firm
what is a Merger
Political and economic system in which the factors of production are owned and controlled collectively by the state.
what is Socialism
a business corporation of firms that is involved indifferent steps of marketing
what is vertical merger
Electronic business or exchange conducted over the Internet
what is E-commerce
Describes demand when a given change in price causes a relatively smaller change in the quantity demanded
what is Inelastic