the desire, willingness, and ability to buy a good or service
table that lists the various quantities of a product or service that someone is willing to buy over a range of prices
graph that shows the amount of a product that would be bought at all possible prices in the market
law of demand
quantity demanded and price move in opposite directions
the total demand of all consumers for their product or service
the pleasure, usefulness, or satisfaction we get from using a product
government should cut taxes on business to improve productivity
increased productivity increases jobs for others and trickles down to lower class people
consumers can use one thing in place of another
products that are used together
the extent to which a change in price causes a change in the quantity demanded
price changes have little effect on the quantity demanded
the various quantities of a good or service that producers are willing to sell at all possible market prices
law of supply
the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
a numerical chart that illustrates the law of supply
government minimum price that can be charged for goods or services (surplus)
maximum price set by the government (shortage)
refers to the methods or processes used to make goods and services
the degree to which resources are being used efficiently to produce goods and services
achieving balance between supply and demand
amount by which the quantity supplied is higher than quantity demanded
amount by which the quantity demanded is higher than the quantity supplied
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