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Figure: The Demand and Supply of Wheat
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. If there is a decrease in supply of 2,000 bushels at each price, the equilibrium price and quantity will be _____ and _____ bushels, respectively.
Per Capita
A statistical measure that represents the average per person, commonly used to compare economic indicators such as income or GDP among different populations.
Real GDP
Measures the value of all goods and services produced by an economy, adjusted for inflation, to reflect the actual economic output.
National Income
The total value of all goods and services produced by a country's economy over a specific period, after adjustments for income from foreign investments and payments to other countries.
Corporate Profits
The excess of revenues over expenses for corporations, indicating the financial health and performance of companies.
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