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Article: Supply and Demand
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 2000 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SUPPLY AND DEMAND
"Supply and demand" refers to the idea that the price of a product is dependent on the amount of that product available to sell (the supply) and the desirability of the product to consumers (the demand). Sellers want high prices and buyers want low prices, and the strength of these conflicting desires will determine the price. In economic terms, supply refers to a schedule of quantities that people are willing to sell at different prices at a given time, and demand refers to a schedule of quantities people are willing to buy at different prices at a given time. The two terms in economics are linked together, like the terms "buyer" and "seller." The interaction between ...
Related newspaper, magazine, and journal articles:
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Article: The aggregate demand/supply model: a premature ...
American Economist;
March 22, 1998 ;
700+ words
... ... argued that the aggregate demand/aggregate supply approach is incorrect and ... carefully defined aggregate demand/aggregate supply model may in fact be quite ... confusion regarding aggregate demand and supply models has arisen because ...
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