| A | B |
|---|
| surplus | when the quantity supplied is greater than the quantity demanded |
| profit | the difference between revenue received & the cost of production |
| sole proprietoroship | unincorporated business owned & run by one person |
| corporation | business that is a legal entity with the right to sell stock |
| elastic | when the demand is highly responsive to changes in price |
| law of demand | when a good's price is lower, people will buy more of it |
| monopoly | market with the most barriers to entry |
| contingent employment | temporary work |
| collective bargaining | when union & co. representatives meet to negotiate labor contracts |
| fringe benefit | payment other than wages or salaries |
| nonprofit organizations | organizations that benefit society & operate like a business |
| assets | money & valuables that belong to a corporation or partnership |
| fixed cost plus variable cost | total cost of a business |
