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Allocation of resources

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the way resources are allocated to the production of the goods and services most wanted by consumers

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Market

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where many buyers and many sellers come together

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Market disequilibrium

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where the quantity demanded by consumers and the quantity supplied by producers are not equal

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Market equilibrium

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where the quantity demanded by consumers and the quantity supplied by producers are equal

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Market economic system

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a system with prices that are based on competition between private sector businesses; markets are not controlled by the government

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Market economy

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also called a 'free market economy', an economy in which goods are bought and sold, and prices are determined by the free market without intervention by the government.

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Planned economy

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an economy in which all decisions concerning production, investment, prices and incomes are determined by the government