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Sugarcane will be shutting down on June 30, 2018. For more information, .

Consumer Economics

a data set by cstanton
created September 22, 2016
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FAMILY TREE
VocabularyDefinition
Elasticityfluctuation in demand of a certain product in relation to pricing
Substitutea good which can be used in place of another
Necessitya good for which demand will not change in relation to price
Inferior Gooda good whose consumption decreases when income increases; elasticity is
Opportunity Costwhat you are giving up or sacrificing by turning down one opportunity in order to take advantage of another opportunity
Inflationan increase in price levels and reduction in the value of money due to a change in aggregate supply or demand
Gross Domestic Product (GDP)the total market value of all goods and services produced within the borders of a country during a specific time period
Equilibrium occurs when a product is demanded in the same quantity it is produced
Individual ParticipationThe economy of the United States depends on this
Demand can change due to...the price of a complementary or substitute good
Supplythe amount of product in the market
Expansionstate of economy when inflation is low
Decline
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