Introduction to Microeconomics: Understanding Market Economy January 17, 2015
Posted by OromianEconomist in Economics, Uncategorized.Tags: Applied economics, economics, Microeconomics, Supply and Demand
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Economics Basics: Supply and Demand
Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy.
Market is made up of people, consumers and entrepreneurs, attempting to buy and sell on the best term possible. Through the grouping process of give and take, they move from relative ignorance about others’ wants and needs to a reasonably accurate understanding of how much can be bought and sold at what price. The market function as an ongoing information and exchange system.
A free market is…
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