Term
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Definition
| the amount of good consumers want |
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Term
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Definition
| how much demand there is in the market |
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Term
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Definition
| price goes up demand goes down. inverse relationship |
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Term
| diminishing marginal utility |
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Definition
| more supply less utility per unit |
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Term
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Definition
| the effect of income on demand |
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Term
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Definition
| if a good can be substituted for a cheaper good |
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Term
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Definition
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Term
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Definition
| factors that determine demand |
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Term
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Definition
| more of which people buy when income increases |
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Term
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Definition
| more of which people buy when income decreases |
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Term
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Definition
| good that can substitute another |
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Term
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Definition
| goods that are used together or promoted together |
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Term
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Definition
| a change in intensity of demand |
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Term
| change in quantity demanded |
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Definition
| the amount of good a market demands |
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Term
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Definition
| the amount of good produces |
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Term
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Definition
| a schedule showing the supply in a market |
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Term
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Definition
| as price goes up so does supply |
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Term
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Definition
| a curve that portrays supply |
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Term
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Definition
| factors that determine supply |
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Term
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Definition
| a change in supply for price |
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Term
| change in quantity supplied |
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Definition
| a change in the amount of units supplied |
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Term
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Definition
| the price of which both supply and demand are equal |
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Term
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Definition
| the quantity at which both supply and demand match |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| the work used to produce a good more efficiently |
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Term
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Definition
| allocating goods to make a process more efficient |
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Term
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Definition
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Term
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Definition
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