MICRO2
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19 Terms
Budget line changes based on
Prices of the two goods, a person`s income
When the price of a good falls the budget line rotates
Outwards
Price rises budget lines rotates
Inwards
We use the indiffernce cuve/budget line
To determine how a change in price affects the quantity demandedj
A budget line
Looks to see how mu
The steepness of the budget line
Shows relative price
Proprietorship-ADVANTAGES
Easy to form
Profits are taxed once
Propietorship
A buisness owned by one person
Propiertorship Disadvantage
Unlimited Liability- You have to pay all the debt for the company
Partnership
A buisness owned by two or more partners
Partnership Advantages
Profits are taxed once
Sounding Board
Partnership Disadvantages
Unlimited Liability
You always have other partners that can make financial decisins
Corporations
A business owned by one or more shareholders
Corporation Advantages
Limited Liability
Corporation Disadvantages
Profits are taxed twice- Corporate tax is a tax that the company pays, then the owners have to pay a personal income tax.