Markets
Any mechanism for the movement of goods or resources in exchange for money (does not have to be a physical location)
As price of a good increases, the quantity of the good consumers are willing and able to buy will decrease.
What is Law of Demand?
The three types of businesses
What are sole proprietorship, partnership, and corporation?
Advantages: Easy to form, personal control, owner gets all profit, and satisfaction
Disadvantages: Difficult to raise funds, unlimited liability, size, limited life
What is sole proprietorship?
An amount of something left over when requirements have been met; an excess of production or supply over demand.
What is surplus?
Goods and services, resources, and money all move through the economy and is displayed with
What is the Circular Flow Model?
As price increases, the quantity a seller is willing and able to sell will increase.
What is Law of Supply?
Two or more owners, owners make all decisions regarding the business, owner as unlimited liability for the business, business has a limited lifetime, and only taxed once are characteristics of
What is a partnership?
Advantages: Easy to form, more skills and knowledge, losses shared, and easier to raise funds
Disadvantages: Conflict between partners and unlimited liability
What is a partnership?
This occcur when the quantity demanded exceeds the quantity supplied.
What is shortage?
Consumers buy goods and services, firms get revenue.
What is the Product Market?
The intersection between the market demand curve and the market supply curve. The point where the quantity demanded is equal to the quantity supplied.
One owner, owner makes all decisions regarding the business, business has a limited life, only taxed once are characteristics of
What is a sole proprietorship?
Disadvantages: Double taxation of profits and more complex regulations
What is a corporation?
The lowest legal price that can be paid in a market for goods and services, labor, or financial capital. Protects Businesses.
What is price floor?
____ are items we buy that are tangible. _____ are intangible and usually involve paying a firm to do something for you.
What are goods and services?
The four determinants of supply
What are input prices, technology, number of sellers, and producer expectations?
Number of owners determined by shareholders, decisions made by board and directors, owners has limited liability, business has an unlimited life, and double taxed are characteristics of
What is a corporation?
Gibbs Better Chicken is an example of
What is a sole proprietorship?
Prevents a price rising to a certain level. Protects Consumers.
The factors of production for the resource market are
What are land, labor, capital, and entrepreneurship?
The four determinants of demand
What are income, price of related goods, number of buyers, and consumer expectations?
What are perfect competition, monopolistic competition, oligopoly, and monopoly?
Webster, Webster, and Cohen is an example of
What is a Partnership?
A form of income that shareholders of corporations receive for each share of stock that they hold.
What are dividends?