The transition in the economy from one type of system to another is a process, i.e. a sequential change of states. This process can be fast or slow, straight or zigzag, progressive or even regressive, but in any case it means time-consuming changes in the economy. In other words, the transition is a path and, […]
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Market equilibrium and equilibrium price
The basis of the market mechanism is the interaction of supply and demand. By bringing these concepts together, we can find out how the interaction of household decisions about buying a product and manufacturers’ decisions about selling it determines the price of a product and the amount that is actually bought and sold in the […]