ECO-The role of markets in allocating resources, page 38-39

A market system is the network of buyers, sellers and other actors that come together to trade in a given product or service.

Market equilibrium: the price and quantity point at which market supply and market demand for an item are equal.

Market disequilibrium: a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance.

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