Econ Ch 3-4-5 Test Review

principle that suppliers will offer more for sale at high prices & less at lower prices

a combination of 2 or more businesses to form a single firm

a graph showing the quantity demanded at every price

a business jointly owned by 2 or more persons

ownership certificates in a firm

When taxes on the manufacture of a product go UP what happens to supply?

the extra usefulness or satisfaction a person gets from acquiring one more unit of a good

The total product a firm needs to sell in order to cover costs

the amount of money borrowed

products used in place of other products

a business recognized by law as a separate legal entity

organization of workers formed to represent member's interests in employment matters

A firm that has at least 4 businesses, making unrelated products

two kinds of mergers?

a business and owned by one person

a change in price causes a relatively smaller change in quantity demanded; ex: medicine

union negotiations with management one rises such as pay, hours, healthcare

the owner is fully responsible for all losses & debts of the business

a measure of responsiveness that tells how quantity responds to a change in price

quantity demanded varies inversely with its price

desire, ability and willingness to buy a product

the period of production when suppliers can make adjustments in ALL resources

Total Cost is what added together?

a firm that operates like a business but doesn't seek to make a profit; Helps its community

the amount a person buys depends on whether or not the person has enough money

These can CHANGE the market supply curve