Examlex
Explain why geographers are as interested as geologists in geomorphology.
Scarce Goods
Goods that are limited in supply in comparison to their demand, leading to economic decisions regarding their allocation.
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.
Demand Curve
A diagram illustrating how the price of a product correlates with the amount of that product buyers are prepared and can afford to buy at different price levels.
Inverse Relationship
A situation in which two variables move in opposite directions, meaning that as one variable increases, the other decreases, and vice versa.
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