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Subjective Elements: consumer preferences, utility maximization • Short-Term Focus: factors like consumer tastes, technology, and production techniques remain stable
Demand-Supply Interaction-point where the demand curve intersects with the supply curve-equilibrium
Market-Clearing Prices: no excess demand or supply- "tâtonnement," -trial and error price adjustments
Abstract Model: deals with the economy as a whole • Long-Term Perspective: long-term equilibrium