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What is the first critical step in designing a training program?
Price Mechanism
is the process by which the forces of supply and demand determine the price of goods and services in a market economy.
Circular Flow Model
An economic model illustrating the movement of goods, services, and money between households and businesses in an economy.
Demand
The desire and ability of consumers to purchase goods or services at given prices, playing a critical role in determining market prices and quantities.
Supply
The aggregate availability of a product or service for acquisition at a designated price.
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