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Demand the desire, willingness, and ability to buy a good or service Surplus situation in which quantity supplied is greater than quantity demanded Sole Proprietorship business owned and operated by a single person Oligopoly a market in which control over the supply of a product is in the hands of a small number of producers and each one can influence prices and affect competitors Supply the amount of goods and services that producers are able and willing to sell at various prices Shortage situation in which quantity demanded is greater than quantity supplied Consumer Sovereignty the role of consumer as the ruler of the market, determining what products will be produced Monopoly when the market creates a sole (one) provider for a good or service Elasticity changes in supply or demand are directly related to the changes in price Merger a combination of two or more companies to form a single business Complementary Goods products often used together Corporation type of business owned by many people; must have charter issued by the state government Public Goods goods that are consumed collectively, such as high ways and national defense Partnership a business owned by two or more people Determinants of Demand factors affecting the consumers' willingness to buy a good or service Dividend payment of a portion of a corporation's earnings Private Property property/land that is owned by a particular person Equilibrium Price the price at which the amount producers are willing to supply is equal to the amount of consumers are willing to buy Law of Diminishing Returns a law stating that to continue after a certain level of performance has been reached and will result in a decline in effectiveness Liability legal responsibility for something, especially cost damages