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Draw a demand curve and label it D1.On the graph,illustrate an increase in demand and a decrease in demand,and label the curves D2 and D3,respectively.Starting on demand curve D1,explain the shift that would result from each of the following events:
a.an increase in income and the good is a normal good
b.an increase in income and the good is an inferior good
c.a decrease in the price of a substitute good
d.a decrease in the price of a complementary good
e.an increase in the taste for the good
f.a decrease in population
g.an increase in the expected future price of the good
Financial Services
Economic services provided by the finance industry, including banking, insurance, investment management, and securities trading.
Public Assistance
Public assistance refers to government programs that provide financial aid to individuals or families in need, often based on income or other eligibility criteria.
Income Generation
The process through which an individual, company, or economy produces money or goods and services that can lead to income.
Functions of Money
Money serves as a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.
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