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Flashcards - Supply, Demand & Market Equilibrium

Flashcards - Supply, Demand & Market Equilibrium
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Quantity supplied
In economics, supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace
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ceteris paribus
Ceteris paribus or caeteris paribus is a Latin phrase meaning "other things equal"
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Disposable income
Disposable income is total personal income minus personal current taxes
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7 cards in set
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Disposable income
Disposable income is total personal income minus personal current taxes
ceteris paribus
Ceteris paribus or caeteris paribus is a Latin phrase meaning "other things equal"
Quantity supplied
In economics, supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace
law of supply
The law of supply is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied
shortage
In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
consumer
A consumer is a person or organization that uses economic services or commodities

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