Supply and demand determines prices levels for goods and services in a market economy.
What is supply and demand?
The amount of products and services that people want and require is referred to as "demand." The phrase "supply" refers to the available goods and services for purchase.
A market economy as monetary system where the value of things is decided by their price level, known as law of demand and supply direct the production of goods and services.
As a result, market economy is explains the price level of goods and services is determined by their demand and supply.
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