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MILESTONE REVIEW

Microeconomic Concepts

QuestionAnswer
Microeconomics The study of individuals, households and firms' behavior in decision making and allocation of resources.
Expenditures The total amount of money that a government, organization, or person spends during a particular period of time.
Barter Trade
Product Market Where money is exchanged for goods and services.
Revenue The amount of money that a company actually receives during a specific period.
Law of Demand Quantity purchased varies inversely with price.
Law of Supply Price and quantity supplied of a good are directly related to each other.
Shortage Situation in which demand for a good or service exceeds the available supply.
Surplus Situation in which demand for a good or service is less than the supply that's available.
Price Floor Used by the government to prevent prices from being too low. A common example is minimum wage.
Price Ceiling A government-imposed price control, or limit, on how high a price is charged for a product.
Limited Liability Type of liability given to a corporation because only the business can be sued, not the owner's personal assets.
Unlimited Liability Type of liability given to a sole proprietorship and partnership because the owner as well as the business can be sued.
Dividends A distribution of a portion of a company's earnings, decided by the board of directors, paid to a class of its shareholders.
Monopoly A market structure characterized by a single seller, selling a unique product in the market.
Oligopoloy A market structure in which a few firms dominate.
Monopolistic Competition Many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.
Created by: lbarwick
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