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Equilibrium Price
The price at which the quantity of a good or service supplied is equal to the quantity demanded, resulting in market balance.
Economics
The social science that studies the production, distribution, and consumption of goods and services.
Microeconomics
The branch of economics that focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, and the factors that influence the choices of individuals and businesses.
Private Enterprise System
An economic system where private individuals or businesses own capital goods and operate with minimal government intervention.
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