Economic Concepts

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DEMAND

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The desire and ability of consumers to purchase goods and services.

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UTILITY

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The satisfaction or pleasure derived from consuming a good or service.

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ELASTICITY OF DEMAND

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A measure of how much the quantity demanded of a good responds to a change in price.

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SUPPLY

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The total amount of a good or service that is available for purchase.

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NATIONAL INCOME

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The total income earned by a nation's residents in the production of goods and services.