Increased pricing=less product demand - Law of Demand , A compromise where all of the consumers will purchase a specific product or service - Economic Market , The point where the supply and demand for a product are equal - Market Price , the chance of loss or potential gain from other alternatives when one alternative is chosen - Opportunity Cost , Studies the economic behavior in the economy. Helps to determine if resources are being used efficiently - Macroeconomics , The relationship between price and the quantity demanded illustrated as a graph - Demand Curve , Resources used to develop products and services. - Economic Resources , Decreased Price= Less products and Increased Price= More products - Law of Supply , Examines relationships between individual consumers and producers - Microeconomics , Used in a graph to see how much is being supplied - Supply Curve , A market in which one supplier offers a unique product - Monopoly , Which term is a basic economic problem? - Scarcity , Also known as capitalism - Free Economy , I work at a manufacturer and I see which products and services customers want to provide it for them. This is known as - Supply , Determine what products or services will be successful - Consumers , I can make my own decisions with limited government role - Private Enterprise , Many suppliers offer very similar products - Pure Competition , Attempts to own and control important resources - Command Economy , I went to the store and saw a shirt I really wanted. I saw the price, and even though it was high, I found it worth it. This is an example of? - Value , The use of resources to obtain the greatest profit - Profit Motive , A market where many firms compete with products that are somewhat different - Monopolistic Competition , Create a supply of products and services - Producers , Products a consumer is willing to buy - Demand , A few businesses offer very similar products - Oligopoly ,
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Chapter 3
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