Economics Unit 2 Project Wrap-up
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Demand
Law of Demand
Movement Along a Demand Curve vs. Shifts in Demand
5 Demand Shifter Factors
Elasticity of Demand
Supply
Law of Supply
Movement Along a Supply Curve vs. Shifts in Supply
6 Supply Shifter Factors
Market Equilibrium
Government Regulation
Bibliography
Law of Demand:
There is an inverse relationship between the price of a good or service and the quantity buyers purchase.
Demand Curve:
The line connecting points that represent possible combinations of price and quantity purchased by consumers.