Instructions: Please Define the Following Key Terms

question 44

Short Answer

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
geocentric theory

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Definitions:

Equilibrium

An equilibrium where demand from the market matches its supply, stabilizing prices as a consequence.

Substitute

A product or service that can be used in place of another to satisfy the same needs or desires.

Margarine

A spread used for flavoring, baking, and cooking, made primarily from vegetable oils as an alternative to butter.

Demand Curve

The demand curve is a graphical representation that shows the relationship between the price of a good or service and the quantity demanded by consumers.