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When the 4 types of resources are combined to make a good or service.
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
A tractor is an example of what type of resource?
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
What is consumption?
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
When supply is high and demand is low, the price of an item will be -
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
Mike has $10. He can buy his favorite CD or shirt. He decides to buy the CD. What term best represents the shirt?
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
What does the interaction between supply and demand decide?
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
Which of the following contribute to the consumer price of a particular product INCREASING?
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
Which statement best describes the relationship between supply and demand?
Price is determined when supply equals demand
Capital
The using of goods and services
Production
His opportunity cost
Price of goods and services
Low
The item is in short supply or in high demand
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