The Laws of Supply and Demand

The difference between value in use and value in exchange

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Term that refers to the amount of money that a buyre pays a seller for a good

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Two effects used to explain why price changes influence the quantity demanded of a good

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Five factors that can increase or decrese the demand or a good

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Six factors that can increase or decrease the supply of a good

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Why might a good be worth more to one individual than to another?

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Which principle explains why the sixth slice of pizza consumed tends to be less valuable than the first slice? Using this illustration, show how this principle works

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Explain the difference between demand and quantity demanded, as well as change in supply and change in quantity supplied

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Why does a supply curve slope upward and to the right? Which way would the curve shift to indicate an increase in supply?

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Why does the laws of supply and demand work much more efficiently in setting prices than government price-fixing?

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