Economics Vocabulary

3. a person who owns the business and is personally responsible for its debts
6. an agreement to charge one price for the same goods
9. type of monopoly that exists as a result of the high fixed costs or startup costs of operating a business in a specific industry
11. government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time
12. a company's financial debt or obligations that arise during the course of its business operations
16. something you own
17. describes a market structure where competition is at its greatest possible level
18. payment to a worker in addition to salary or wages
20. an agreement to divide the market, set prices, or limit productions

1. uses the surplus revenues to further achieve its purpose rather than distributing it to the shareholders as profit
2. portion of corporate profits paid out to stock holders
4. small number of firms has the large majority of market share
5. formal organization of producers that agree to coordinate prices and production
7. laws that designate separate areas for residency & business
8. share of earnings given as a payment
10. formal contract to repay borrowed money
13. a store, restaurant, or other business operating under such a license
14. marketable item produced to satisfy wants or needs
15. make a product stand out with unique values
19. type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings