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Supply & Demand
Question | Answer |
---|---|
Market | Includes the customers and locations that business wants to serve. |
Supply | How much of a good or service a producer is willing and able to produce at different prices. |
Demand | 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 prices of a particular good or service increases, the supply for that item will also be increased and vice-versa. |
Price | The amount at which a good or service will be sold in a market. |
Profit Motive | The hope of making a profit |
Supply and Demand Graph | A visual representation of supply and demand. |
Equilibrium or Market Price | The point at which the supply and demand curves meet. |
Competition | A contest for some prize, honor, or advantage. |