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Where the quantity supplied equals quantity demanded

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Owned by one person and the most common business organization.
-Advantages: keep all profits, easy to start, makes all decisions
Disadvantages: unlimited liability, limited life, difficult to attract top talent, limited access to funds

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Companies providing essential services such as water and electricity to consumers, usually subject to some government regulations.

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Pure

Inadequate

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common shareholders

preferred shareholdersw

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general partners: Business jointly owned by two or more persons. Least common form

limited partners: One partner may only help the company through investments

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Lowest legal wage that can be paid to most workers.

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Situation where quantity supplied is greater than quantity demanded at a given price.

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Causes
-Cost of inputs: if the price of inputs drop, producers will produce more of a product, thereby shifting the curve to the right. An increase in the inputs, leads to the shift to the left.
-Productivity: If workers decide to work more efficiently, productivity should increase. Leading to a shift to the right. If workers work less efficiently, then there is a shift to the left.
Technology: New technology tends to shift the supply curve to the right. Equipment could break down and get replaced leading to a shift to the left.
-Taxes and Subsidies: If taxes are raised towards a producer and their company, then their is a shift to the left. If taxes go down, production costs go down, supply then increases and the supply curve shifts to the right. When subsidies are repealed, costs go up, producers leave the market, and the curve shifts to the left. Subsidies lower the cost of production causing a shift to the right.
-Expectations: If producers think the price of the product will go up, they may withhold some of the supply. The supply will decrease, causing a shift to the left. If prices are expected to be lower, then producers produce and sell as much as possible right away, causing the supply to shift to the right.
-Government Regulations: tighter government regulations restrict supply, causing a shift to the left. Relaxed regulations allow producers to lower the cost of production, curve shifts to the right.
-Number of Sellers: More sellers means a shift to the right. Less sellers  means a shift to the left.

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Satisfaction or usefulness obtained from acquiring one more unit of product

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-They are related goods.
Ex. phone and chargers
As the price of iphones increase, then the demand for charges decrease.

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-Can be replaced by another product.
Ex. butter and margarine
A rise in the price of margarine would lead to an increase in the demand of butter.

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The extra satisfaction we get from using additional quantities of the product begins to diminish. Because of this, consumers are not as willing to pay for their second, third, and fourth of a certain product.

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Rule stating that more will be offered for sale at high prices than at lower prices.

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Rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded.

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Shows the different combinations of 2 goods that can be produced using full employment of resources.

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The next (second best option

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The struggle among sellers to attract consumers while lowering prices

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Land
Labor
Capital
Entrepreneurship

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Owners

Buyers and Sellers

Prices

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examples in the US

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Goods intended for final use by consumers rather than business