Microeconomics Vocab

The point where supply and demand curves meet

• Equilibrium
• disequilibrium

• Monopoly

• Elastic

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

• Monopolistic
• Microeconomics

• Partnership

• Price control

A government restriction on the price of a good or service

• Price control
• Pure competition

• Resources

• Shortages

Money that must be paid to a government

• Taxation
• Disequilibrium

• Corporation

• Deregulation

Situation in which demand exceeds supply.

• Goods

• shortages
• Determinants

• Equilibrium

The Government's role in business that affects production.

• Goods

• regulation
• Inelastic

• Liability

One person owns the business.

• Sole proprietorship

• Partnership

• Monopoly

• Liability

Mutual reliance between two or more groups

• Interdependency
• Services

• Sole Proprietorship

• Surplus

All things used in producing goods and services

• Resources
• Services

• Determinants

• Entry Barriers

A market in which only a few sellers offer similar or identical products.

• Oligopoly
• Monopoly

• Sole Proprietorship

• Taxation