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Terms I
Terms II
Terms III
Terms IV
Miscellaneous
100
A firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales.
What is Conglomerate?
100
A form of business organization recognized as a legal entity with the rights of an individual.
What is a corporation?
100
The gradual wear of capital goods during production
What is depreciation?
100
Monetary value of a product as established by supply and demand.
What is price?
100
The supply curve slopes in this direction.
What is upward sloping?
200
Stocks of goods in reserve.
What is inventory?
200
Price paid to use another person's money.
What is interest?
200
The type of stock representing basic ownership of a corporation.
What is common stock?
200
The schedule of quantities that would be offered for sale at all possible prices that could prevail in the market.
What is supply?
200
People will demand less at a lower price indicates that the demand curve slopes in this direction.
What is downward sloping?
300
The combination of a business to form a single company.
What is a merger?
300
Merger of two or more firms that produce the same kind of product.
What is a horizontal merger?
300
Unincorporated business owned and operated by two or more people who share the profits and responsibility for debts.
What is a partnership?
300
Rule stating that consumers will buy more of a product at lower prices and less at higher prices.
What is the Law of Demand?
300
A system in which a government agency decides everyone's fair share.
What is rationing?
400
Written approval from the government to establish a corporation.
What is a charter?
400
The individual ownership of a business.
What is sole proprietorship?
400
Combination of firms involved in different stages of manufacturing or marketing.
What is a vertical merger?
400
The extra usefulness or satisfaction a person gets from acquiring one more unit of a product.
What is marginal utility?
400
A partial refund of the original price of a product.
What is a rebate?
500
A corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries.
What is a multinational?
500
The requirement that an owner is personally and fully responsible for all losses and debts of a business.
What is unlimited liability?
500
The three forms of business organizations
What are sole proprietorship, partnership, and corporation?
500
The desire, ability, and willingness to buy a product.
What is demand?
500
In a market economy, a high price is a signal for producers to do this and consumers to do this.
What is supply more and buy less?