Types of business
A hybrid business structure that combines the benefits of a corporation and a partner ship
What is a limited liability company?
The study of how people choose to use their limited resources to satisfy their unlimited wants
What is economics
money whose value comes from a commodity of which it is made.
What is Commodity money?
A Market with only one seller and high barriers to entry is called this
What is a monopoly?
This happens to quantity demanded when the price of a good increases
What is it decreases
A business formed by two or more people who share profits and liabilities
what is a partnership?
The amount of money a consumer is willing to pay for a good or service
What is price?
a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity
Fiat money
In this market structure theirs many sellers identical products and there are no barriers to entry
what is perfect competition
When quantity supplied is greater than quantity demanded
What is a surplus?
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities
What is a franchise?
refers to the general increase in prices and the corresponding decrease in purchasing power
What is inflation
the process of lending money to individual or business with the expectation of being paid back with interest
What is credit
what is it called when a few firms dominate the market
Oligopoly
the point where supply and demand meet
what is Equilibrium
This type of business has a singe owner who is personally responsible for all debts
what is sole proprietorship?
This is the term for the amount of good or service that producers are willing to make available at various prices
What is supply
This financial institution is responsible for providing loans to individuals business and government entities
What is a bank?
a strategy where businesses attract customers and increase sales by focusing on factors other than price
What is Non price competition?
A leftward shift of this curve indicates that consumers are buying less of a good at every price
what is the demand curve?
This type of business structure provides limited liability to its owners and has shares of stock
What is a corporation
the condition that results because people have limited resources but unlimited wants
What is scarcity
This term refers to the maximum amount of credit a borrower is allowed to access
What is a credit limit
In this market firms sell differentiated products and engage in some non price competition
What is monopolistic competition
If the price of a substitute good increases this will likely happen to the demand for the original good
What is an increase in demand?