Microeconomics Unit 2

Corporation

• Business structure owned by stockholders

• Factors of production

• Demand that reacts to change in price

• a military rank

The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.

• Equilibrium

• Price Stability

• Shortage

• Supply

A business owned and managed by a single individual.

• Partnership

• Corporation

• Sole Proprietorship

• Limited Partnership

A market in which a single seller dominates.

• Monopolistic Competition

• Monopoly

• Oligopoly

• Perfect Competition

A market structure in which a few large firms dominate a market.

• Oligopoly

• Monopoly

• Monopolistic Competition

• Perfect Competition

A market structure in which many companies sell products that are similar but not identical.

• Monopolistic Competition

• Oligopoly

• Monopoly

• Perfect Competition

Taxes are...

• required payments to the government

• payments made to business for the use of services

• payments to the school for ipads and school supplies

• payments made on a phone bill

A demand that reacts to a change in price is

• Inelastic

• Elastic

• Stretchy

• Price controlled

Deregulation

• voting to stop rules

• adding governmental controls over a business

• removing some governmental controls over a business

• the point where supply and demand curves meet

determinants

• a price control

• factors that determine a shift in the demand curve except price

• factors that determine a shift in the demand curve

• factors that determine a shift in the supply curve