supply & demand
supplyThe Law of Supply states, that as the price of a good or service that producers are willing and able to offer for sale during a certain period of time rises (or falls), the quantity of that good or service supplied rises (or falls).
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demandThe Law of Demand states, as the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls) the quantity of that good or service demanded falls (or rises).
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Define:
supply
demand
price
surplus
shortage
equilibrium
Complete:
#3-8 p. 115 (the reading starts on p. 109)
#3-9 p. 140 (the reading starts on p. 133)
supply
demand
price
surplus
shortage
equilibrium
Complete:
#3-8 p. 115 (the reading starts on p. 109)
#3-9 p. 140 (the reading starts on p. 133)
types of goods
STEP 1 : Define
elastic goods
normal goods
inferior goods
luxury goods
inelastic goods
complementary goods
substitute goods
elastic goods
normal goods
inferior goods
luxury goods
inelastic goods
complementary goods
substitute goods
STEP 2: WRITE OR DRAW 4 EXAMPLES OF EACH TYPE OF GOOD (THIS WILL BE UNIQUE TO YOU)
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Disequilibrium Kahoot!
https://play.kahoot.it/#/k/affa7b5c-df85-4111-8a96-ff764fa419b7
consumerism
Define consumerism.
Complete the following document and TURN IT IN TO THE GOOGLE DOC
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Study Guides / Practice Quizzes
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