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Match the words with the definitions. a shortage; not having enough _______ the act of withdrawing from an alliance or union _______

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Final answer:

In economic terms, a 'shortage' defines a situation where demand exceeds supply at the given price, 'secession' is the act of withdrawing from a union, 'social surplus' combines consumer and producer surplus, and a 'substitute' is a good that can be used in place of another.

Step-by-step explanation:

Matching the words with the definitions provided in the context of economics:

  • Shortage: A shortage occurs when at the existing price, the quantity demanded exceeds the quantity supplied; also known as excess demand.
  • Secession: The act of withdrawing from an alliance or union, which is not directly mentioned in the provided references, but it is the term that fits the definition given.
  • Social surplus: This is the sum of consumer surplus and producer surplus; it represents the total benefit to society from the production and consumption of goods and services.
  • Substitute: A substitute is a good that can replace another to some extent, so that greater consumption of one good can mean less of the other.

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