The Most Important Concepts in Economics, According to the Textbook

question 130

Multiple Choice

The most important concepts in economics, according to the textbook, are supply, demand, and the:

• A) idea of equilibrium.
• B) opportunity to barter.
• C) quantity of sales.
• D) the level of prices.

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Definitions:

Output Contract

A legal agreement in which a seller agrees to sell all the production to a particular buyer, who in turn agrees to purchase the entire output.

Needs Contract

A contract or agreement tailored to address and fulfill specific needs of the parties involved.

Good Faith

Acting with honest intentions without seeking to take unfair advantage in a transaction or situation.

Rule Of Requirements

A principle in contract law that dictates a seller must supply only the quantity of goods that a buyer requires, no less and no more.