Economics Unit 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | the total revenue a firm receives from selling its product minus its cost of production
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| Quantity supplied | show 🗑
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| show | an increase in the price of a good leads to an increase in the quantity supplied
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| Supply schedule | show 🗑
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| Supply curve | show 🗑
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| Perfect competition | show 🗑
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| show | how responsive a firm is (if its quantity supplied changes) based on the cost of production changing
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| show | the period of time during which the quantity of which at least one input is fixed
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| Long run | show 🗑
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| Production schedule | show 🗑
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| show | the amount by which worker output increases when one more worker is hired
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| show | the cost of inputs that do not vary with the amount of outputs produced, inputs like machinery or equipment
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| Variable cost | show 🗑
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| show | the additional cost of producing one more unit of output
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| show | the additional revenue a firm receives from selling one more unit
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| Law of demand | show 🗑
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| show | the amount of a good that consumers are willing and able to purchase at a specific price over a given period of time
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| Substitution effect | show 🗑
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| Income effect | show 🗑
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| show | a table that shows the quantity of a good that is demanded at different price points
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| show | a graph of a firm's demand schedule that shows the quantity demanded at each price
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| show | a graph of how the quantity demanded by all consumers shifts at each price point within a market
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| Market structure | show 🗑
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| show | market structure where many firms supply and compete to sell the same product
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| show | market structure that arises when there is not enough competition among firms to prevent individual firms from raising the market price above equiilibrium
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| Product market | show 🗑
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| Monopoly | show 🗑
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| Market power | show 🗑
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| Natural monopoly | show 🗑
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| show | the practice of charging different customers different prices for the same good
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| Oligopoly | show 🗑
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| show | when firms in an oligopoly decide to work together to restrict output and raise prices
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| Cartel | show 🗑
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| show | a business firm owned by one person called the proprietor
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| Partnership | show 🗑
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| show | a written document that identifies the roles and responsibilities of each partner in a partnership
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| General partners | show 🗑
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| Limited partners | show 🗑
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| show | a business that is itself a legal entity, meaning that the law treats it similarly to a human being
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| show | people who have purchased shares of stock of a corporation's profits
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| show | when one person owns all the shares of a corporation
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| show | a statement of how corporation will raise money for start-up costs, how many shares of stock can be sold to investors, and what the corporation's organizational structure will look like
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| Limited Liability Corporation (LLC) | show 🗑
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| show | consists of a parent company and numerous associated businesses that sell a standardized
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| show | business within a franchise that owns a recognized brand or trademark, and is the only one who can legally produce that product or authorize other companies to do the same
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| show | pays the franchiser a franchise fee to offer their good or service at their location
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| show | a business owned by its members to supply members and others with specific goods/services at a discounted price
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| show | a legal entity formed to carry out a not-for-profit mission and is therefore exempt from business taxes
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| Income statement | show 🗑
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| show | the dollar value of capital that is used up due to aging and wear, typically thought of as an expense listed on an income statement and is reinvested back into the business to replace depreciated capital
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| Net profit | show 🗑
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| Merger | show 🗑
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| show | the combining of two companies that produce the same type of product
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| Vertical merger | show 🗑
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| Conglomerate | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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