Market, supply and demand, competition are key aspects of economies and play vital roles in determining prices and allocation of goods and services.
Market: A market is a central space where goods and services are exchanged between sellers and buyers. It plays a crucial role in the economy by bringing together supply and demand.
Supply and Demand: The balance between the amount of goods/services available for sale (supply) and the amount consumers are willing to buy (demand) determines prices in the market. Prices adjust until equilibrium is reached.
Competition: Competition arises when multiple producers offer similar products to buyers, driving efficiency and variety in the market.
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