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Economics 2.3 Supply - Coggle Diagram
Economics 2.3 Supply
Key Vocab
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Subsidy - An amount of money the government gives directly to firms to encourage production and consumption
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Elastic - When the percentage change in quantity supplied is greater than the percentage change in price
Inelastic - When the percentage change in quantity supplied is less than the percentage change in price
Supply - The willingness and ability to purchase a good or service at the given price in a given time period
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Movement along the curve - When the price changes, leading to a movement up or down the existing curve
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