Supply: upward slope, Producers, direct relationship, offered for sale, Demand: downward slope, Consumers, inverse relationship, willing and able to purchase, Prices: monetary value of a product, provides signals to buyers and sellers, determines who gets how much of the product, provides an incentive to adopt the least costly production method, Complements: peanut butter and jelly, toothbrush and toothpaste, hot dogs and buns, breakfast cereal and milk, Substitutes: hulu & netflix, chicken and beef, apples and oranges, Coke or Pepsi, Quantity Demand and/or Quantity Supplied: Movement along the curve, Only factor = price,
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Unit 2 (Supply, Demand and Prices)_Short
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Cgooda
High
Economics
Supply and Demand
Basic Economics
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