Supply and Demand
Price Floors and Ceilings
Circular Flow Chart
S/D Graphs
Business Organizations and Market Structures
100
These products go together _________________; while these products can be used in place of one another
What is complements and substitutes
100
The maximum price you can charge set by the government
What is price ceiling
100
The outside flow (or arrows) in the circular flow chart
What is money
100
The point on a S/D graph where the quantity supplied equals the quantity demanded; where there is no surplus or shortage in the market
What is equilibrium
100
The most common form of business organization in the United States
What is sole proprietorship
200
If Supply or Demand decreases, the curve will shift in this direction
What is left
200
Minimum wage is an example of this
What is price floor
200
The inside flow (or arrows) of the circular flow chart
What is goods and services
200
________ is always on the X axis and ________ is always on the Y axis in S/D graphs
What is Quantity and Price
200
This type of business organization has the advantage of specialization, but the disadvantage of unlimited liability
What is partnership
300
This is the law of demand
What is as the price of a good or service increases, the quantity demanded of a product decreases and vice versa
300
This is an example of a price ceiling
What is rent control
300
Individuals receive wages in this market
What is resource market
300
Anytime the price is above the equilibrium price this will exist in the market
What is a surplus
300
This type of market structure has a single supplier of a good or service
What is monopoly
400
This is the law of supply
What is as the price of a good or service increases, the quantity supplied will increase and vice versa
400
Price ceilings will always cause this in the market
What is shortage
400
In the circular flow, this goes from businesses to individuals
What is goods and services through product market or payments for resources in the resource market
400
The six reasons that cause the demand curve to shift
What is Income, Number of consumers, Substitutes, price Expectations, Complementary goods, Tastes and preferences
400
This type of market structure has a few large firms that control the market
What is oligopoly
500
If the cost of inputs for a product increase, this will happen to supply, equilibrium price, and equilibrium quantity
What is supply will decrease, EP will increase, and EQ will decrease
500
Price floors will always cause this in the market
What is surplus
500
In the circular flow chart, this goes from individuals to businesses
What is resources (4 factors of production) through the resource market or payments for goods and services through the product market
500
5 reasons that cause the supply curve to shift
What is Productivity, costs of Inputs, Number of sellers, Technology, and weather/natural disaster
500
This type of market structure has a large number of small firms producing and selling identical products with no barriers to entering the marketplace
What is pure (or perfect) competition
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