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Input Markets
Marketplaces where firms buy resources, goods, and services necessary for producing their own products or services.
Output Markets
Markets where goods and services produced by businesses are sold to households, government entities, and other businesses.
General Equilibrium
A state in which all markets in an economy are in simultaneous equilibrium, taking into account the interactions between different markets.
Consumer Preference
The tendencies of consumers to favor certain products or services over others based on personal tastes, values, and experiences.
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