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What is the opportunity cost of an item?
Supply Curves
Graphical representations that show the relationship between the price of a good and the quantity of the good that producers are willing to supply.
Demand Curves
Graphical representations showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase.
Satisfies Consumer Wants
The fulfillment of consumer desires and needs through the provision or consumption of goods and services.
Utility
In economics, utility refers to the satisfaction or pleasure derived from consuming goods or services.
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