Econ Ch 6 and 7 Final Review

the person or group that buys a franchise is called the 

Advantages of a partnership include

One of the disadvantages of a sole proprietorship is 

a contract by which a firm lets a person/group use its name to sell its goods in exchange for $

When the quantity supplied is greater than the quantity demanded, a ____________ exists

A market is in ________ when the quantity demanded of a good is equal to the quantity supplied

Minimum wage is an example of a _______

A surplus is a market causes prices to 

the corporation, or parent company, of a franchise is called the 

An organization that uses resources to produce goods/services that are sold to consumers

A shortage in a market causes prices to 

Buyers and sellers cannot legally buy and sell a good for a price higher than the 

The behavior of a worker who is putting forth less than the agreed to effort

an important decision making body in a corporation

True of False. If there is a shortage in the market, price will fall to equilibrium price

Rent control is an example of a 

A family farm is an example of 

McDonalds is an example of a 

business owned by two or more co-owners who share profits and are legally responsible for debts

The quantity demanded of a good is greater than the quantity supplied

True or False? The demand to drive on freeways is not always the same

Many law offices are a 

Supply and demand work together to determine

the stock of goods that a business or store has on hand

legal entity that can conduct business in its own name and is owned by its stockholders

Markets reach equilibrium when the quantity of a good that a buyer is willing/able to buy

People who buy shares of stock in a corporation

A business that is owned by one individual 

Prices and quantity will always move toward the 

The cost of storing inventory is part of the reason why prices ________ when there is a surplus