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Unit 2: Demand Supply & Prices

Horizontales
A market in which goods are sold illegally, without regard for government controls on price or quantity
Describes demand that is very sensitive to change in price
Government intervention in a market that affects the price of a good
A chart that lists how much of a good or service a supplier will offer at various prices
illegal act of setting prices low in an attempt to eliminate the competition.
The change in output that results from hiring one additional unit of labor
a good for which demand increases more than what is proportional as income rises
The additional income from selling one more unit of a good or service; sometimes equal to price
The amount of a good or service that is available
A cost that does not change no matter how much of a good or service is produced
Verticales
rapidly altering every aspect of the lives of human beings and extending the changes towards economic development.
A system of allocating scarce goods and services using criteria other than price
The sum of fixed costs and variables costs
Something essential for survival; such as food or medical care
total amount of a good or service that consumers demand over a given interval of time
A graphic representation of of a demand schedule
The extra cost of adding one unit
The amount of a good or service that a producer is willing and able to supply at a specific price
A cost that rises of falls depending on the quantity produced
limit, on how high a price is charged for a product, commodity, or service.
A government payment that supports a business or market
preferences for the goods and services they want to buy
A situation in which consumers want more of a good or service than producers are willing to make available at a certain price
When quantity supplied is more than quantity demanded
The desire to own something and the ability to pay for it
A product that is popular for a short period of time