Review Terms And Concepts (WK3)

Review Terms And Concepts (WK3) - Review Terms And Concepts...

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Review Terms And Concepts (WK3) capital market  - The input/factor market in which households supply their savings, for interest or for claims to future profits,  to firms that demand funds to buy capital goods. complements, complementary goods  - Goods that “go together”; a decrease in the price of one results in an increase in  demand for the other and vice versa. demand curve  - A graph illustrating how much of a given product a household would be willing to buy at different prices. demand schedule   - A table showing how much of a given product a household would be willing to buy at different prices. entrepreneur  - A person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and  turning it into a successful business. equilibrium  - The condition that exists when quantity supplied and quantity demanded are equal.  At equilibrium, there is no  tendency for price to change. When supply and demand curves shift, the equilibrium price and quantity change. excess demand or shortage  - The condition that exists when quantity demanded exceeds quantity supplied at the current  price. excess supply  or  surplus  - The condition that exists when quantity supplied exceeds quantity demanded at the current  price.  When quantity supplied exceeds quantity demanded at the current price, the price tends to fall. When price falls, quantity 
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Review Terms And Concepts (WK3) - Review Terms And Concepts...

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