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Charlie Choc. Fact.
Charlie & the Chocolate Factory
Term | Definition |
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supply | the amount of goods and services that producers are able and willing to sell at various prices during a specific period of time. |
demand | the desire, willingness, and ability to buy a good or service |
supply curve | upward-sloping line that graphically shows the quantities supplied at each possible price |
demand curve | downward-sloping line that graphically shows the quantities demanded at each possible price. |
shortage | situation in which quantity demanded is greater than quantity supplied |
surplus | situation in which quantity supplied is greater than quantity demanded |
automation | the transfer of labor from humans to machines |
specialization | when people, businesses, regions and/or nations concentrate on goods and services that they can produce better than anyone else. |
sole proprietorship | a business owned and operated by a single person |
partnership | a business owned by two or more people |
corporation | type of business organization owned by many people but treated by law as though it were a person |
monopoly | when the market creates a sole provider for a good or service |
oligopoly | a state of limited competition, in which a market is shared by a small number of producers or sellers. |
pure competition | a broad range of producers are selling the same product |
monopolistic competition | many producers are selling products that are different from each other and therefore are not perfect substitutes. |