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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

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Lesson 14: Production | Unit 5: Supply Page: 24 of 25

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  • Production Cost: Each firm incurs a cost for acquiring the resources used as inputs in production.

  • Supply Price: The cost of production, which depends on production, in turn affects the price each firm needs to supply a given quantity.

  • The Law of Supply: The law of supply is the positive relation between supply price and quantity supplied.

  • Industry Competition: Long-run production is governed by returns to scale.

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DEMAND CURVE

A graphical representation of the relation between the demand price and quantity demanded, holding all ceteris paribus demand determinants constant. A demand curve graphically illustrates the law of demand, the inverse relation between demand price and quantity demanded for a particular good. It is one half of the standard market model; a supply curve is the other half.

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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for slightly overweight pizza delivery guys.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

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