Table 7-9
-Refer to Table 7-9. During which of the above years was the purchasing power of the president's salary highest?
Definitions:
Consumer Purchases
Refers to the goods and services bought by individuals and households for personal use.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand, thus the market is in balance.
Compact Discs
Optical storage media used to store data, including music and software, readable by laser-based players and computers.
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