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Labor Deman1 - Labor Demand Terms Aggregate Demand The...

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Labor Demand Terms Aggregate Demand - The combined demand of all buyers in a market. Aggregate Supply - The combined supply of all sellers in a market. Buyer - Someone who purchases goods and services from a seller for money. Complementary Good - A good is called a complementary good if the demand for the good increases with demand for another good. One extreme example: right shoes are complementary goods for left shoes. Demand - Demand refers to the amount of goods and services that buyers are willing to purchase. Typically, demand decreases with increases in price, this trend can be graphically represented with a demand curve. Demand can be affected by changes in income, changes in price, and changes in relative price. Demand Curve - A demand curve is the graphical representation of the relationship between quantities of goods and services that buyers are willing to purchase and the price of those goods and services. Equilibrium Price
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