Examlex
Explain the meaning of the following terms: "financial guarantee" contract and "onerous" contract
Buyers
Individuals or organizations that purchase goods or services for personal use or for resale.
Sellers
Individuals or entities that offer goods or services for sale in the marketplace.
Equilibrium Price
The price at which the quantity of goods demanded equals the quantity of goods supplied.
Excess Demand
Excess demand occurs when the quantity demanded of a product or service exceeds the quantity supplied at the current price, leading to shortages.
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