Business Ownership
this type of business has a single owner who has unlimited liability
What is sole proprietorship?
this is a form of competition that only has one supplier for a certain good.
what is a monopoly?
what is price?
the law of demand states that consumers will buy more of an item when the price does this.
what is decreases?
this is when quantity supplied and quantity demanded equal each other.
what is equilibrium?
this type of business has two or more owners
what is a partnership?
in this form of competition, sellers must offer identical products.
what is perfect competition?
supply curves will always do this from left to right.
what is rise?
these types of goods go together and what happens to one will happen to the other.
what are complementary goods?
this is occurs when quantity demanded is greater than quantity supplied.
what is a shortage?
this type of business is treated by law as if it were an individual person
what is a corporation?
these laws are put into place to ensure that unauthorized monopolies cannot form
what are antitrust laws?
this is given to suppliers by the government to help them afford to keep producing their goods
what are subsidies?
a demand curve will always slope this way, running from left to right.
what is down?
this is the general term for when quantity demanded and quantity supplied do not equal each other.
what is disequilibrium?
this specific type of partnership has multiple owners that share decision-making authority and have unlimited liability.
General Partnership
these are granted by the government to protect the rights of inventers for a specific number of years
what is a patent?
this is a tax placed on harmful goods in order to decrease the sales of that good.
what is excise tax?
this is the only thing that can never shift a demand curve.
what is price?
this must be done in order to fix a surplus.
what is the price lowered?
this term means that you are only responsible for how much you invested into a business.
what is limited liability?
what are commodities?
a supply curve shift this direction when more goods will be supplied at all price levels.
what is the right?
ceteris paribus is a latin term meaning this.
what is all other things held constant?
rent control in new york city is an example of this.
what is price ceiling?