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Vocabulary u1 l5
Term | Definition |
---|---|
Demand | quantity of a product a consumer is willing and able to buy at a certain price |
Supply | quantity of a product a supplier is willing to provide at a certain price |
Individual demand | quantity of a product demanded by an individual consumer |
Market demand | sum of all individual demands for a specific product |
Individual supply | quantity of a product supplied by one supplier |
Market supply | sum of all individual suppliers’ supply of a specific product |
Law of demand | when prices fall demand will rise when prices rise demand will fall |
Law of supply | when prices are high supply will rise when prices fall supply will fall |
constant environment | is one in which other factors do not change |
marketing campaigns the economic situation social trends | Changes in demand can be caused by changes in |
Profit motive | is the drive to earn more profit |
productivity | the amount of product a worker produces per hour |
Competition | the contest among businesses to get customers |
Consumers | have a large impact on a market economy through the forces of supply and demand |