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