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The Graphic Description of the Relationship Between the Value of the Job

question 13

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The graphic description of the relationship between the value of the job and the average wage paid for this job is called a


Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Decrease

A reduction in size, quantity, or degree of something.

Substitutes

Goods or services that can be used in place of one another, where an increase in the price of one leads to an increase in demand for the other.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

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