| A | B |
|---|
| Corporation | A business structure that is legally owned by Stockholders. |
| Deregulation | The removal of some government controls over a business. |
| Determinants | Factors other than price determine a demand curve shift. |
| Disequilibrium | Any price or quantity that does not meet equilibrium; supply and demand do not meet. |
| Elastic | Demand that reacts to change in price |
| Entry Barriers | Land, labor, capital, and other obstacles that may prevent new competitors from entering a market. |
| Equilibrium | The point where supply and demand curves meet |
| Goods | Physical outputs such as paper and electronics. |
| Inelastic | Demand that does not react to change in price |
| Interdependency | Mutual reliance between two or more groups |
| Liability | A legal obligation to pay debt. |
| Microeconomics | The study of the economic behavior of individuals, households and other small units |
| Monopolistic Competition | A market in which many companies sell products that are similar but not identical. |
| Monopoly | A market in which there are many buyers but only one seller. |
| Oligopoly | A market in which only a few sellers offer similar or identical products. |
| Partnership | A business owned by two or more people |
| Price Control | A government restriction on the price of a good or service |
| Product Differentiation | The creation of real or perceived product differences to attract a target market |
| Pure Competition | A market in which many competitors sell an identical product like potatoes, corn, coffee. |
| Regulation | The Government's role in business that affects production. |
| Resources | All things used in producing goods and services |
| Services | Actions or activities that one person performs for another |
| Shortages | Situation in which demand exceeds supply. |
| Sole Proprietorship | A business owned by one person |
| Surplus | Situation in which supply exceeds demand. |
| Taxation | Money that must be paid to a government |
