Demand is derived from the demand for the product that it makes. Labou is demanded not for its own sake but for the goods it produces.
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Division of Labour
Production broken down into different tasks and Labour allocated to each task.
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Equilibrium Price
A price where the quantity demanded equals the quantity supplied.
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Excess Supply
Where the quantity supplied exceeds the quantity demanded.
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External Benefit
Benefit external to an exchange/ Benefit the price mechanism ignores/ Benefit outside of the market transaction/ Positive Third Party effect/ Indirect benefit to consumer or producer from an economic activity
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Other cards in this set
Card 2
Front
Division of Labour
Back
Production broken down into different tasks and Labour allocated to each task.
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