Microeconomics Vocabulary

4. where buyer and sellers can meet and facilitate the exchange for profit
7. Liability- type of legal structure for an organization
8. Product- products that are sold separately but are used together
10. Good- product bought for consumption by the average customer
11. s the amount of an asset or resource that exceeds the portion that's actively utilized.
16. Curve- graphical representation of the relationship between the price of a good or service and quantity demanded.
17. Liability- the full legal responsibility that business owners and partners assume for all business debts
18. of Demand- factors that cause a shift in the economic demand for a product or service.
20. the total amount of a specific good or service that is available to consumers.
21. security that represents the ownership of a fraction of a corporation

1. How much you pay for something
2. Competition- This market firms produce and sell slightly different products
3. Curve-s a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period. I
4. structure- Defined by their characteristics
5. economic principle referring to a customer's desire to purchase goods and services.
6. Monopoly- monopoly that arises due to unique circumstances.
9. flow diagram- how goods, services, and money move through our economy
12. Proprietorship- is someone who owns an unincorporated business by himself or herself.
13. Competition- the market that has many buyers and sellers ,and all firms are identical
14. relationship between two or more people dealing with business
15. is a price searcher
19. This market has few sellers and their barrier entries are high