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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 9 of 20

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The six steps for a decrease in demand:
  • A determinant changes. The price of pecan pie, a substitute for hot fudge sundaes, declines.
  • A curve to shifts. The demand curve for hot fudge sundaes shifts leftward.
  • A shortage or a surplus occurs. The decrease in demand causes a surplus of hot fudge sundaes.
  • The price changes. The price of hot fudge sundaes goes down.
  • The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes decreases while their quantity demand is increased.
  • The market imbalance is eliminated and equilibrium is restored. The surplus of hot fudge sundaes is eliminated. The price is lower and the quantity exchanged is less.

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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for a thesaurus filled with typos.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

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Confederation of British Industry
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