Business Q2 U1

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What is the term for how the supply of available goods and demands for those goods by consumers work together to determine the average prices of goods in a market?

supply and demand

What is competition?

when companies selling similar products compete for the same customer

What is the term for the point on a supply/demand curve in which the quantity demanded is equal to the quantity supplied?

equilibrium

What is the term for variables in an economy that cause a change in price or supply and demand?

market forces

A ________ is an intangible product that is often expressed in intellectual energy; a ________ is a tangible, physical product that can be felt and touched.

service good

What is the term for the total value of goods produced and services provided in a country over one year?

Gross Domestic Product

___________ is based on a constant environment, meaning the assumption is that market forces do not change.

The law of supply and demand

What is the supply/demand curve?

a line graph that depicts the relation of supply and demand to price

What is the term for the incentive of starting a business for the sake of earning money?

profit motive


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