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Definition
| A graphic representation of the quantities of a good or service that buyers are willing and able to purchase at various prices |
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Definition
| The law of downward-sloping demand states that when the price of a good is ____________(and there is no other change) less of it will be demanded. |
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Definition
| he law of downward-sloping demand states that when the price of a good is ______________ (and there is no other change) then the quantity demanded will increase. |
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Term
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Definition
| The law of diminishing marginal utility states that each additional unit of a good consumed a any given time yields ________ satisfaction than the one previously consumed. |
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Term
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Definition
| Essential items, such as bread, rice, and electrical energy tend to have ______________ demand because consumers cannot readily avoid using them |
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Definition
| Big items in a budget tend to be ______________. |
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Definition
| Small items in a budget tend to be _________________. |
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Term
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Definition
| Type of demand where a change in price brings about an exactly proportionate change in quantity demand. |
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Definition
| Luxury goods, such as holidays on tropical islands, tend to have ____________ demand |
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Definition
| The demand for goods like alcohol and tobacco is |
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Term
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Definition
| When consumer switch from gasoline to more fuel-efficient vehicles the demand for gasoline will become ____________ |
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Term
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Definition
| The ______________ of gasoline cana affect the number of big cars that consumes decide to buy. |
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Term
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Definition
| If students allowances were to increase in your school the demand for milk would increase or decrease. |
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Term
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Definition
| If there was a reduction in the price of soft drinks in your school cafeteria the demand for milk would decrease and the demand curve would shift to the right or left. |
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Term
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Definition
| The price in which the quantity demanded for a product is equal to the quantity supplied |
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Term
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Definition
| The supply of fresh tomatoes that is relatively fixed is elastic or inelastic. |
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Term
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Definition
| The supply of goods that can be stored easily, inexpensively, and for a long period of time will become more elastic/inelastic than products that spoil easily and are difficult to store. |
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Term
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Definition
| The maximum price that can be legally charged for a good or service. |
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Definition
| The minimum price below which it is illegal to buy or sell a good or service. |
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Term
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Definition
| The ____________________________are those over the age of 15 who are temporarily laid off, and those without work who are actively seeking employment. |
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Term
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Definition
| _______ employment has a rate of between 6 and 7 percent. |
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Term
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Definition
| Unemployment due to the changes in the climate and other seasonal conditions |
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Term
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Definition
| Unemployment due to long-term changes in consumer demand. |
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Term
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Definition
| Temporary unemployment due to the time required to change jobs. |
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Term
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Definition
| Trough, recovery, peak, recession are the four phases of this cycle. |
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Term
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Definition
| The Great Depression ended as a result of this event. |
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Term
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Definition
| In a simple economy, the GDP will be at _____%? |
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Term
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Definition
| The study of economics actions of individuals and groups of individuals, such as consumers, households, and businesses. |
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Term
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Definition
| The study of the economy as a whole, such as the overall level of consumption, investment, government spending, prices, and employment. |
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Term
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Definition
| A market situation in which there is only one producer of a good or service and many buyers. |
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Term
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Definition
| A kind of market in which a few firms supply most of the goods or services. |
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Term
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Definition
| A market situation in which there are many sellers providing a similar but not identical good or service. |
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Term
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Definition
| These collective organizations use their power to maintain or increase the salaries of their members and to improve the working conditions. |
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Term
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Definition
| Natural ability, education, age, training, discrimination, poor health, physical disabilities, a region of residence are all factors of this type of inequality. |
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Term
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Definition
| According to Statistics Canada any family whose income was so that that it would need to spend ___% or more on the three essentials of food, clothing, and shelter would be classified as low income. |
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Term
| British Columbia and Ontario |
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Definition
| In 1992 the provinces in Canada with the highest provincial incomes. |
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Term
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Definition
| Negotiation between representatives of workers and employers with the purpose of establishing terms and conditions of employment that are acceptable to both sides. |
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Term
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Definition
| Withholding of labour services by a labour union. |
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Term
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Definition
| The ability to acquire good and services now in exchange for payment in the future. |
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Term
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Definition
| Investments in those things that we can both see and touch such as homes and common stocks of coporations. |
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Term
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Definition
| An RRSP is a saving plan in Canada for ____________________. |
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Term
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Definition
| A contract in which one part agrees to pay another a sum of money in the event of a specific loss is known as |
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Term
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Definition
| GICs have a lower interest rate than a savings account in Canada. (true or false) |
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Term
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Definition
| The want for exotic food, fashionable clothing, and an air-conditioned home are all examples of |
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Term
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Definition
| Wants or needs that are essential to sustain human life are examples of |
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Term
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Definition
| Repayment of money borrowed to buy a home is called a |
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Term
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Definition
| An RESP is a savings plan in Canada for _________________. |
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