Economic interdependence terms
Corporation
Type of business organization owned by many people but treated by law as though it were a person
Monopoly
When the market creates a sole provider for a good or services
natural monopoly
a market that runs most efficiently when one large firm supplies all of the output
sole proprietorship
A business owned by one person
Partnership
A business owned by two or more people
Quota
A limit placed on the quantities of a product that can be imported
economic interdependence
A reliance on others, as they rely on you, to procide goods and services to consumed
Tariff
A tax on imported goods
Merger
Combination of two or more companies into a single firm
Imports
goods and services brought into a nation from another nation
Exports
goods and services sold to other countries