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supply and demand
01
the relationship between the amount of goods or services that are available and the amount that people want to buy, especially when this controls prices
Example
The concept of supply and demand is elementary in economics, serving as a fundamental principle.
In a free market economy, prices are determined by supply and demand rather than government intervention.
The price of crude oil fluctuates based on supply and demand dynamics in the global market.
A market economy allows businesses to operate based on supply and demand without government interference in pricing.
This is a textbook instance of supply and demand at work in the economy.
