Microeconomics Vocab Flashcard

Front

More supply than demand.

Back

Surplus

Front

Business with multiple owners; ownership gained by buying stock. Advantage: limited liability.

Back

corporation

Front

Unit of study on business and individual interactions.

Back

microeconomics

Front

A good that can replace another good.

Back

substitution

Front

Many firms sell identical products with no market entry barriers.

Back

perfect competition

Front

Market where households sell and firms buy.

Back

Factor

Front

Quantities people are willing and able to buy at various prices.

Back

Demand

Front

Inverse relationship: as price rises, quantity demanded falls.

Back

law of demand

Front

Business with 2+ owners.

Back

partnership

Front

Price where quantity demanded equals supplied.

Back

both a & c