Examlex
Why was the social market economy such a success story from the 1960s to the 1980s? What changed to make it seem less successful, and what does that teach us about the prospects for more extensive government intervention in the economy in the future?
Demand
The desire and ability of consumers to purchase goods and services at various prices.
Law of Demand
States that, all other factors being equal, as the price of a good increases, demand for that good decreases, and vice versa.
Quantity Demanded
The amount of a good or service that consumers are willing and able to purchase at a specific price.
Price
The amount of money required to purchase a good or service, determined by factors such as supply and demand.
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