Business Firms

3. The sum of fixed costs plus variable costs
4. A condition in which an owner of a business firm can lose only the amount he or she has invested in the firm.
6. Anything of value to which the firm has a legal claim.
7. The cost of producing an addictional unit of a good
8. A cost or expense that is the same no matter how many units of a good are produced
11. A person who owns shares of stock in a corporation.
12. The entity that offers a franchise
13. An organization that uses resources to produce goods and services that are sold to consumers, other firms, or the government.
15. The total cost divided by the quantity of output
16. A contract by which a firm lets a person or group use its name and sell its goods in exchange for making certain payments and meeting certain requirements
17. A business owned by two or more co-owners
18. An important decision-making body in a corporation

1. A business that is owned by one individual
2. A legal entity that can conduct business in its own name in the same way that an individual does
5. A cost or expense that changtes with the number of unts of a good produced
9. The behavior of a worker who is putting forther less than the agreed to effort.
10. The person or group that buys a franchise
14. The revenue from seling an additional unit of a good