Examlex
The _____ of demand is the percentage change in the quantity of a good or service demanded divided by the percentage change in its price.
Self-Interest
An individual’s personal gain; the drivers of economic behavior assuming that individuals act in pursuit of their own best interests.
Free-Market System
An economic system based on supply and demand with little or no government control.
Quantity Adjustments
Changes made in the quantity of goods produced or procured in response to shifts in demand or supply.
Laissez-Faire Economy
An economic system where private parties are free from government intervention, such as regulations, privileges, tariffs, and subsidies.
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