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Explain the concept of supply and demand.
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Supply and demand is an economic principle that studies how prices for goods and services are determined by the forces of supply and demand. When there is a high demand for a product or service, with limited availability, prices tend to go up. When there is an abundant supply of a product or service with low demand, prices tend to go down. The supply and demand of a product or service can be affected by a variety of factors, such as an increase or decrease in the population, or changes in technology or trends.