Examlex
The SLII model is divided into two parts:
Demand
The quantity of a good or service that consumers are willing and able to purchase at various prices within a given time period.
Supply
The total amount of a product or service that is available to consumers at a specific price over a given period.
Economy Moves
Refers to the overall changes or shifts in economic activity, growth, and health within a particular economy over time.
Ceteris Paribus
A Latin phrase meaning "other things being equal," used in economics to isolate the effect of one variable by holding others constant.
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