Supply
Prices
Mkt. Structures and Bus. Organ.
Vocabulary I
Vocabulary II
100
The law of supply
What is as price increases, supply increases
100
Fixed Cost + Variable Cost=
What is total cost
100
T/F Sole proprietorships require lots of regulation
What is false
100
A required payment to a local, state, or national government
What is taxes
100
The struggle among producers for the dollars of consumers
What is competition
200
If the government causes supply to rise, this will happen to the curve
What is shifts right
200
When supply and demand are the same
What is equilibrium
200
These encourage firms to invent new things by allowing soley themselves to sell the item
What is a patent
200
Level of economic prosperity
What is a standard of living
200
Using resources in such a way as to maximize production of goods and servic
What is efficiency
300
This is what its called when quantity supplied is higher than quantity demanded
What is excess supply
300
Rent control is a form of ___________
What is price ceiling
300
T/F Corporations are easy to shut down
What is false
300
business owned and managed by a single individual
What is a sole proprietorship
300
A period of macroeconomic expansion followed by a period of contraction
What is a business cycle
400
This happens to the supply curve when new tech is introduced
What is shifts to the right
400
Minimum wage is a form of _____________
What is price floor
400
These people are responsible for a company's debt if a general partnership goes bankrupt
What is all partners
400
When consumers react to an increase in a good’s price by consuming less of that good and more of other goods
What is substitution effect
400
A cost that rises or falls depending on how much is produced
What is a variable cost
500
If a product cannot quickly expand or reduce production it is considered
What is inelastic
500
Efficiency is a characteristic of this type of market
What is competitive
500
If an industry is best run by one company it is called a ____
What is natural monopoly
500
To sell individual state-run firms, which are then allowed to compete with one another in the marketplace
What is privatize
500
Using fewer resources than an economy is capable of using
What is underutilization
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