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DEMAND
How desired a product is to consumers.
DEMAND CURVE
A graph showing us the relationship between the level of demand with the price level.
Consumers and producers trading freely with each other with no restrictions or rules.
VOLUNTARY EXCHANGE
A graph that shows us the price of a product or service and the amount demanded over a decided period of time.
MARKET DEMAND CURVE
After the price of something changes, how the consumers will react to the supply of the good or service.
ElASTICITY OF SUPPLY
How much money a business will have to pay to get the materials they need to make their products.
INPUT COSTS
A table that will tell you the price of a product or service and what the amount demanded would be for it.
MARKET DEMAND SCHEDULE
DEMAND SCHEDULE
A table that shows us how much demand there is for products at different prices.
Some people need money and so the government will give a certain amount of payment to these people. It’s like aiding them.
PUBLIC TRANSFER PAYMENTS
Rules or laws executed by the government that people have to follow.
GOVERNMENT REGULATIONS
LAW OF SUPPLY
If a product's price goes up or increases, the producers of that product will supply more of that product.
SUPPLY
How much of a product is actually available.
TOTAL PRODUCT
How many products were able to be made or the output of the workers' work.
ELASTICITY OF DEMAND
This shows us how much reaction customers had to price changes based on their demand
PRODUCTIVITY
How much products and services can happen (outputs) based on certain inputs (materials, resources).
How much money a company or business earned/received from selling their goods or services altogether.
TOTAL REVENUE
LAW OF DEMAND
This states that price and the amount or quantity demanded by consumers is opposite.
SUPPLY SCHEDULE
A graph that shows the amount of product customers want based on their demand at specific prices.
The one more item or service that was added to the original amount.
MARGINAL PRODUCT
Rules or laws that were taken away or lifted by the government.
GOVERNMENT DEREGULATIONS