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3 Written Questions

3 Multiple Choice Questions

  1. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)
  2. an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
  3. the price at which the amount supplied is equal to the amount demanded

3 True/False Questions

  1. economic interdependenceto rely on others, and others rely on them, to provide the goods and services that we consume, a reliance on others, as they rely on you, to provide goods and services to be consumed

          

  2. product marketa market in which products are sold by firms and bought by households

          

  3. microeconomicsthe branch of economics that studies the economy of consumers or households or individual firms

          

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