domingo, 30 de noviembre de 2014

LESSON 2. TASK 7: GLOSSARY OF ECONOMIC TERMS

    Market: A regular meeting of people where some of them sale and some other purchase the goods they want (provisions, raw materials, agricultural products, farm animals or any other products). The demand of a particular good or service is also denoted as a market.
    Price: The amount of money that you pay for something or that something costs.
    Supply: The amount of something that is available to be used. In economic theory, supply is a schedule of how much producers are willing and able to sell at all possible prices during some time period.
    Demand: The ability and need or desire of consumers, clients, employers, etc. to buy goods or services. In economic theory, demand is a schedule of how much consumers are willing and able to buy at all possible prices during some time period.
    Output: The amount of something produced by a person, machine, or industry in a process using inputs.

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