Market Structures
As Price Increases, Quantity Demanded Decreases
Law of Demand
Demand
This is the largest form of business organization in terms of firm distribution
Sole proprietorship
This occurs when the government sells bonds to fund building new infrastructure
Business Development
If good A can easily replace good B they are considered this
Substitute Goods
Inelastic
This Business organization makes up a majority of the sales in economics
Corporations
This is an example of a price ceiling
Rent Control
Supply for Burgers goes down due to ground beef becoming more expensive
Resource Cost
As Price Increases, Quantity Supplied Increases
Law of supply
This type of business operates in different countries
Multinational business
This occurs when the government limits how business are able to operate
This form of government intervention causes a shortage
Price Ceiling
This is the acronym used for the things that can cause a shift in supply (And what they mean)
T(technology), I(Intl event/disaster), G(Gov. Intervention), E (Price Change), R (Resource Costs), S (Number of Sellers)
This is the acronym used for the things that can cause a shift in Demand (And what they mean)
T(Tastes and Preferences), I(Income), R(Related Goods), E(Price Change), S(Size of Market)
This is the reason that companies would want to operate as a conglomerate
Diversification
This form of regulation sets a maximum price that consumers are required to pay for a good
Price Floor
This is the name for the overall group of buyers and sellers
Market
This is another name for the point of Equillibrium
Market Price
This supply shifter only moves a graph to the Right.
Technology
This type of business operates to achieve a collective interest
Non-Profit Organization
This is an example of a price floor
Minimum wage
A demand curve for alfredo would shift this direction if the price of all menu items at olive garden would increased
No change