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