Examlex
What is the default reference type when recording a macro?
Supply and Demand
Refers to the economic model that determines the price of goods and services based on sellers' supply and buyers' demand.
Excess Demand
A market condition where the quantity demanded of a good or service exceeds its quantity supplied at a given price.
Equilibrium Price
The cost in the market at which the supply and demand for goods are balanced.
Invisible Hand Principle
An economic theory proposed by Adam Smith, suggesting that individuals' pursuit of self-interest in free markets leads to economic prosperity and efficiency as if guided by an invisible hand.
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