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econ 1.2.2 - Coggle Diagram
econ 1.2.2
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demand - the amount of goods and services that customers are willing and able to purchase at a given price
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law of demand - as the price of a good/service goes up, demand falls
substitution effect - when there is an increase in price, consumers will purchase substitutes
income effect - when there is an increase in price and a fall in incomes, there will be less demand for the good
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