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13 Cards in this Set

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  • Back
any place where factors of production such as land lapbor and capital are bought and sold
factor market
any place where finished goods and services are bought and sold
product market
the ability and willingness to sell specific quantities of a good at alternative prices in a given time period
supply
the abilitiy and willingness to buy specific quantities of a good at alternative prices in a given time period
demand
the most desired goods or services that are gorgone in order to obtain something else
opportunity cost
a table showing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period
demand schedule
the quantity of a good demanded in a given time period increases as its price fals
law of demand
the total quantities of a good or service people are willing and able to buy at alternative prices in a given time period; the sum of individual demands
market demand
the total quantities o a good that sellers are willing and able to sell at alternative prices in a given time period.
market supply
the quantity of a good supplied in a given time period increases as its price increases
law of supply
the price at which the quantity of a good demanded in a given time period equals the quantity supplied
equilibirium price
the use of market prices and sales to signal desired outputs
market mechanism
lower limit set for the price of a good
price floor