High School Economic Word Scramble
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| Term | Definition |
| Law of Demand | the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises |
| Law of Supply | the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises |
| Quantity Demanded | the amount of a good that buyers are willing and able to purchase |
| Quantity Supplied | the amount of a good that sellers are willing and able to sell |
| Demand Schedule | a table that shows the relationship between the price of a good and the quantity demanded |
| Supply Schedule | a table that shows the relationship between the price of a good and the quantity supplied |
| Demand Curve | a graph of the relationship between the price of a good and the quantity demanded |
| Supply Curve | a graph of the relationship between the price of a good and the quantity supplied |
| Equilibrium | a situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
| Shortage | a situation in which quantity demanded is greater than quantity supplied |
| Surplus | a situation in which quantity supplied is greater than quantity demanded |
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dillon.nerud
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