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Unit Three Vocabulary

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Terms in this set (23)
the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether or not that market is in equilibrium.

EX) At the price of $5 per hot dog, consumers buy 2 hot dogs per day. At this price, the quantity demanded is 2 hot dogs.
the consumers' desire and ability to purchase a good or service. It is the underlying force that drives economic growth and expansion.

EX) The citizens of a rural county depend on having gas to fuel their cars. In this county, they buy and use gas often. These citizens' demand for gas is quite high.