2.02 Economic Terms
Terms in this set (...)
Includes the customers and locations that a business wants to serve.
How much of a good or service a producer is willing and able to produce at different prices.
An individual's need or desire for a good or service at a given price.
Law of Demand
As prices fall for a particular good or service, the demand for that item will increase and vice-versa.
Law of Supply
As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
The amount at which a good or service will be sold in a market.
Whole fields of tomatoes were destroyed in a fire. What does this affect? Supply or Demand?
Chapter s 4/5/6: Supply and Demand
economics ch.7 test
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2.01 Economics, 2.02 Economic Terms, 2.03 & 2.04 Economic Terms
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2.03 & 2.04 Economic Terms
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