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Charlie Choc. Fact.

Charlie & the Chocolate Factory

TermDefinition
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.
Created by: MCSJCunningham
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