Business structures
Business structure with 1 person owner
What is sole propoetorship?
limited resources
What is scarcity?
materials, labor, utilities rise
What is increased cost?
1+ owners, personal assets protected
What is Limited Liability Company(LLC)?
economic principle that decides how prices are determined
What is supply and demand?
consumers buy less of a good or sevice
What is reduced consumer spending
Two types of corporation
What is C Corp, and S Corp
value of the next best alternative
What is opportunity cost?
measures how sensitive the demand for a good or service is to a change in its price
What is price elasticity?
2+ owners, shared losses and gains
What is general partnership?
point where supply and demand intersect
What is equilibrium?
Trade price changed in a "Basket" of common goods
What is Consumer Price Index(CPI)?
up to 100 share holders
What is S corp
Price is greater than equalibrium, too much supply, price drops
what is surplus?
Measures whole sale prices
What is Producer Price Index?