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(also called the free market system or market capitalism) prices and quantities in the economy are controlled by the market forces of demand and supply.
the revenue received for a good; found by dividing total revenue by units of output.
refers (in South Africa) to the body of knowledge that is part of African philosophy and social...
when prices increase; the quantity demanded drops; when prices drop; the demand rises.
the quantity demanded or supplied will change depending on changes in the price.
a rate of inflation that is very high.