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Unit 2 - Coggle Diagram
Unit 2
Supply
Definition
a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers
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Law of Supply
the quantity of a good supplied rises as the market price rises,and falls as the price falls
Demand
Definition
an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service
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Law of Demand
the quantity of a good demanded falls as the prices rises, and vice versa