Busines unit 1 - Demand and Supply

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  • Created by: CpLucy
  • Created on: 16-05-16 12:27
What does demand mean?
the quantity of a product consumers are willing and able to buy
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What does supply mean
the quantity of a product producers are willing to make and sell
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What is equilibrium
Where producers and consumers agree
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What is the law of demand?
If the price of a product increases, the demand decreases
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What is the law of supply
As the price increases, the supply increases
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Other cards in this set

Card 2

Front

What does supply mean

Back

the quantity of a product producers are willing to make and sell

Card 3

Front

What is equilibrium

Back

Preview of the front of card 3

Card 4

Front

What is the law of demand?

Back

Preview of the front of card 4

Card 5

Front

What is the law of supply

Back

Preview of the front of card 5

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