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Section 2-The allocation of resources-1

  1. 3. a movement along the supply curve to the right (higher price & higher quantity supplied)
  2. 6. movement along the demand curve to the left (higher price & lower quantity demanded)
  3. 8. goods that consumers demand less of as incomes increase due to them opting to buy higher quality alternatives
  1. 1. the financial ability to actually purchase the product
  2. 2. goods that are purchased to support/go with another product (petrol & cars)
  3. 4. the point at which the supply and demand curves cross/intersect
  4. 5. quantity supplied is greater than quantity demanded at a given price
  5. 7. willingness and ability to buy a product