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Describe the factors influencing group decision-making and the effectiveness of groups.
Price
The amount of money required to purchase a good or service, determined by factors such as supply and demand.
Normal Good
A type of good for which demand increases when income increases, demonstrating a direct relationship between income and demand.
Consumer Incomes
The total earnings received by consumers, including wages, dividends, and other sources of income.
Demand Curve
A graphical representation showing the quantity of a product that consumers are willing and able to purchase at various prices.
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