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Definitions:
Market Economies
Economic systems in which supply and demand drive the production and pricing of goods and services, with minimal government intervention.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, aimed at preventing prices from reaching levels deemed too high for consumers.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level, at a specific time.
Black Market
An illegal market where goods or services are traded without compliance with legal requirements, often including the sale of illicit goods.
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