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Around the world, once-socialist countries have replaced central plans with
Supply
The total amount of a good or service available for purchase at any given price level, within a specified period.
Law of Demand
A fundamental economic principle stating that as the price of a product decreases, demand for it usually increases, and vice versa.
Surpluses
Situations in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.
Market Prices
Refers to the specific values at which commodities, securities, or services are traded in a competitive marketplace.
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