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More than 1,000 years ago,Chinese factories were producing 125,000 tons of iron each year.HYPERLINK ""
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of the good supplied.
Demand Curve
A graphical representation showing the inverse relationship between the price of a good or service and the quantity demanded by consumers.
Demand
The desire and ability of consumers to purchase goods and services at given price levels.
Economic Theory
A set of principles and models that explain how economies function and how economic agents interact.
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