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POB Chapter 3
the quantity of a product or service that consumers are willing and able to buy at a particular price
the quantity of a product or service that businesses are willing or able to provide at a particular price
Standard of Living
refers to the way you live as measured by the kinds and quality of goods and services you can afford
refers to the quantity of a good that average worker can produce in an hour
things needed by a community and provided by it's government