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