Free Enterprise 1.5 Please grab your notebooks and be in your seat ready to learn when class starts.

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Presentation transcript:

Free Enterprise 1.5 Please grab your notebooks and be in your seat ready to learn when class starts.

Traits of Private Enterprise Basic Principles Supply Demand supply The amount of goods producers are willing to make and sell. demand Consumer willingness and ability to buy products. The law of demand is the economic principle that price and demand move in opposite directions.

Traits of Private Enterprise Basic Principles Surplus When supply exceeds demand Shortage When demand exceeds supply

Price Elasticity of Demand

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