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Supply and Demand

Across
a government payment to an individual, business, or group in exchange for certain actions
the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
a situation in which consumers demand different amounts at every price, causing the demand curve to shift to the left or right
a downward-sloping graph that shows the quantities demanded at each possible price
the pleasure, usefulness, or satisfaction products give us.
amount producers are willing to supply is equal to the amount consumers are willing to buy
a product that can be used in place of another product
table showing quantities supplied at different possible prices
a product related to another product in such a way that an increase in the price of one reduces the demand for both
situation in which quantity demanded is greater than quantity supplied
is the total of the supply schedules for all providers of the same good or service.
Down
upward-sloping line that graphically shows the quantities supplied at each possible price
the desire, willingness, and ability to buy a product
quantity supplied is greater than quantity demanded
the total demand of all consumers for a product or service
a listing that shows the quantities demanded of a product at various prices
an economic rule stating that the quantity demanded and price move in opposite directions
responsiveness of quantity supplied to a change in price
the degree to which resources are being used efficiently to produce goods and services
the money a business receives for its products or services over and above its costs
the methods or processes used to make goods and services
the amount of goods and services that producers are able and willing to sell at various prices during a specified time period