economics 201 (micro)
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market economy
Economic decisions are made by individuals or the open market.
when plotting supply curve you measure;
Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis.
centralized economy
an economy in which business activities and the allocation of resources are determined by government order rather than market forces.
the law of supply refers to
an increase in the price of goods or services results in an increase in their supply.
market transaction
may involve goods, services, information, currency, or any combination of these that pass from one party to another.