econ vocabulary 2

a market in which there are only a few producers

businesses in which sole proprietors/partnership buys local right to trade-market corporation.

the amount of money a borrower pays to a lender in exchange for the use that lenders money

a share of ownership of a corporation

a market structure in which there is only one producer of a given good or service

the dependence between businesses,vgovernments, and household.

the price were producers are willing to make the same amount of a product that consumers demand

a general fall in price

producers only produce good that'll give them profit because its something that consumers want.

the amount of money for which producers are willing to sell their products to consumers.

an individual /group that works to produce a certain good or service.

a general rise in prices for most products throughout an economy.

the minimum amount that producers can pay employees for their labor.

when a certain good falls short of demand.

goods that work together to fulfill a certain need

a firm that exists as a legal entity in the same way person does

minimum price below which the price of a good or service cannot drop below.

goods that can be used in place of other goods

how much consumers want the particular good.

when producers compete for business by lowering the price.

when government regulates & manipulates economy by control of wages,prices floors/price ceiling

an individual/group of individuals that occupy single housing unit and shares living expenses.

when supply exceeds demand

how much of a certain good is available to consumers.

goods that are purchased for the purpose of improving and/or increasing production.

the study of how these economic actor make decisions & are impacted by allocation of resources.

the sensitivity of price to supply/ demand its tendency to change as supply and demand changes.

when buyers and sellers determine what will be produced and for whom.

anything that has an assessed value for exchange of goods in the market.

the competition for business among producers.

a type of business were 2/more people pool their resource & share risks & profits of business.

when someone loans an amount of money to the government or private entry & collecting interest

what is desirable to certain consumers

provide law and order, structure, and good/service that maynot provide what the market demand.

a business owned by an individual or the members of a household.

goods that are sold to consumers for final consumption.

maximum price above which the price of a good or service is not permitted to drop.

the economic flow of money between households, governments, and businesses.