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13 Cards in this Set
- Front
- Back
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quantity |
how much o rhow many, amount |
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price |
the amount if money a consumer pays for a good or service or the amount of money a producer charges for a good or service |
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supply |
how much of a good or service producers are willing and able to produce at a particular price |
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demand |
how much of a good or service consumers are willing and able to buy at a particular price |
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law of supply |
as price rises the supply of a good or service increases |
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supply curve |
graph that shows the quantity (amount) of a good or service a producer is willing to supply (sell) at a particular price. Supply increases as price increases. Supply decreases as price decreases. |
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law of demand |
as price rises the demand for agood or a service decreases |
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demand curve |
graph that shows the quantity (amount) of a good or service a consumer is willing to purchase (buy) at a particular price. Demand decreases as price increases. Demand increases as price decreases |
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quantity demand |
the quantity (how much or amount) of a good or service desired by consumers at a particular time |
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quantity supplied |
the quantity (how much or amount) of a good or service produced by a producer at a particular time |
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equilibrium price |
the price at which the quantity demanded by consumers equals the quantity produced by producers |
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competition |
when two or more producers are making the same product or providing the smae service in the same market or the same area |
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consequences |
the effects or results of an earlier action or decision |
