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Chapter 5 Terms

TERMS TO LEARN: How the Market Works

AB
demandThe amount of goods or services consumers are willing to buy at various prices
law of demandConsumers buy less of an item at a higher price than a lower price.
supplyThe amount of goods or services that producers will provide at various prices.
law of supplyThe higher the price, the more producers will supply; the lower the price, the less they will supply.
surplusOversupply.
equilibrium priceThe point at which supply and demand meet.
agricultural economyPeople survived by farming and working land.
industrial economyMost people worked in manufacturing.
service economyMost people earned a living by producing and selling services.
information economyMajority of income-earning activities depend on the use of accurate information.

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