Demand/Supply & Business Organizations

Board of directors

When prices go up and income stays the same, people will buy less

If prices rise people will substitute with lower priced goods

Business organization that has the greatest share of profits

Amount of a good or service producers are willing to sell at various prices

A partnership that is set up for a short specific time

Economic rule that states there is an inverse relationship between price and quantity

Economic rule states that the additional satisfaction a consumer receives will lesson

Shows quantity demanded at each price

An additional amount of satisfaction

Form of business organization that is the most popular

Market

Amount of a good or service consumers are willing and able to buy at different prices

Shows how much consumers respond to a given change in price

Direct relationship between price and quantity

Entrepreneurs will

Type of partnership where one partner makes all of the decisions

The franchisor gives to the franchisee the right to use its products

The price at which amount produced and supplied is equal; where the two curves intersect

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