Examlex
What are the seven principles of selling internally?
Equilibrium Level
The point at which market supply and demand balance each other, and as a result, prices become stable.
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Shortage
A situation where the demand for a good or service exceeds its supply in the market, often leading to increased prices.
Initial Equilibrium
The initial state of balance where the supply and demand curves intersect, determining the market price and quantity before any external changes.
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