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