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2.02 Supply and Demand

This resource delves into the fundamental economic concepts of supply and demand, illustrating how they interact within a free market system. Consumers play a crucial role in determining product demand, prompting entrepreneurs to increase production. As supply rises to meet demand, prices typically decrease. This guide provides insights into interpreting supply and demand graphs, helping learners grasp essential economic principles that govern market dynamics and pricing strategies.

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2.02 Supply and Demand

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    1. 2.02 Supply and Demand 02.00 Understand Economics and Economic Systems 02.02 Interpret supply and demand graphs

    2. Marketplace In a free market, consumers determine the demand of a product. Entrepreneurs see the demand and make more of the product. More supply causes the price to decrease as the demand is fulfilled.

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