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5 terms

POB Chapter 3

Word
STUDY
PLAY
Demand
the quantity of a product or service that consumers are willing and able to buy at a particular price
Supply
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
Worker productivity
refers to the quantity of a good that average worker can produce in an hour
Public Goods
things needed by a community and provided by it's government