Terms from Unit 2, Chapters 3 and 4
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| Law of Demand | It states that more goods will be bought as prices go down.
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| Income | The amount of money someone makes in a period of time.
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| Substitute Goods | Goods that can take the place of another.
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| Interchangeable | Capable of being used in place of one another.
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| Complementary Goods | Goods that are used with each other.
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| Demand Curve | A graph showing how demand varies with a change in its price.
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| Style | Changes in taste that affect prices of items.
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| Law of Supply | Law which states that producers will supply more of a good as prices become higher
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| Incentive | Something that encourages people to work harder or to produce more
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| Cost of Production | Costs of the “factors of production” that must be paid by producers.
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| Supply Curve | A graph showing the amount of a good or service that producers are willing and able to produce at different prices
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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