Examlex
What is a scientific theory?
Rationing Process
A system of allocating goods and services when demand exceeds supply, often through mechanisms other than price.
Market Price
The price at which a good or service is bought and sold in a marketplace, determined by the supply and demand dynamics of that market.
Minimum Wage
The lowest legally enforced wage that employers can pay their employees, intended to ensure a minimum standard of living for workers.
Market Equilibrium
A state in a market where the quantity supplied equals the quantity demanded, resulting in no incentive for price changes.
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