equilibrium price

Question

labor union

interdependence

market price

specialization

non-profit organization

# Price set by buyers and sellers in a marketplace

# Happens when people focus on making just a few kinds of goods or services

#: Where the supply of goods matches demand

# A relationship in which all parties are dependent on one another

# special kind of business that do not try to make money for their own benefit

# organizations that help workeers get better pay, benefits, and working conditions

Answer 1

Here are the definitions matched to the terms you provided:

1. Equilibrium Price: # Where the supply of goods matches demand

2. Labor Union: # organizations that help workers get better pay, benefits, and working conditions

3. Interdependence: # A relationship in which all parties are dependent on one another

4. Market Price: # Price set by buyers and sellers in a marketplace

5. Specialization: # Happens when people focus on making just a few kinds of goods or services

6. Non-Profit Organization: # special kind of business that do not try to make money for their own benefit

Answer 2

describes the relationship between

prices and demand. According to this law, higher prices

encourage buyers to look for a substitute. A substitute is a

roughly equivalent good or service. Finding substitutes drops

demand for the original good or service, thus lowering prices

over time. The !

between price and quantity supplied. A rise in prices encourages

producers to supply more of a good or service in the hopes of

making more money.

The

tells the relationship

# law of supply

#: law of demand

# substitute

# demand curve

# relative price

Answer 3

Here are the terms matched to their corresponding descriptions:

1. Law of Demand: # describes the relationship between prices and demand. According to this law, higher prices encourage buyers to look for a substitute. A substitute is a roughly equivalent good or service. Finding substitutes drops demand for the original good or service, thus lowering prices over time.

2. Law of Supply: # The relationship between price and quantity supplied. A rise in prices encourages producers to supply more of a good or service in the hopes of making more money.

3. Substitute: # A roughly equivalent good or service.

4. Demand Curve: # (This term does not have a specific description in your text, but it typically represents the relationship between the price of a good and the quantity demanded.)

5. Relative Price: # (This term does not have a specific description in your text, but it typically refers to the price of one good in comparison to another.)

If you would like to provide definitions for “demand curve” and “relative price,” I can help match those as well!

Answer 4

the
describes the relationship between
prices and demand. According to this law, higher prices

encourage buyers to look for a substitute. A substitute is a

roughly equivalent good or service. Finding substitutes drops
demand for the original good or service, thus lowering prices
over time. The
between price and quantity supplied. A rise in prices encourages
producers to supply more of a good or service in the hopes of
making more money.
The
tells the relationship

# law of supply

#: law of demand

# substitute

# demand curve

# relative price

Answer 5

Based on your provided text structure, here’s how the terms fit into the descriptions:

1. Law of Demand: The law of demand describes the relationship between prices and demand. According to this law, higher prices encourage buyers to look for a substitute. A substitute is a roughly equivalent good or service. Finding substitutes drops demand for the original good or service, thus lowering prices over time.

2. Law of Supply: The law of supply describes the relationship between price and quantity supplied. A rise in prices encourages producers to supply more of a good or service in the hopes of making more money.

3. Demand Curve: The demand curve tells the relationship (though this phrase is incomplete, it indicates that the demand curve visually represents the relationship between price and quantity demanded.)

4. Substitute: A substitute is a roughly equivalent good or service.

5. Relative Price: This term is not specifically mentioned in your text, but it typically refers to the price of one good in relation to another good.

So, the completion of the sentences would look like this:

• The law of demand describes the relationship between prices and demand...
• The law of supply describes the relationship between price and quantity supplied...
• The demand curve tells the relationship...

Let me know if you need further refinements!