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Please provide detailed and elaborate descriptions for each of the following terms and concepts. Your responses should be a minimum of 1 to 2 paragraphs and should include examples from the reading assignments or personal experience, if possible.
1. Competition
2. Price
3. Capitalism
4. Circular flow model.
5. Market failure
6. Socialism
7. Communism
8. Demand
9. Supply
10. Equilibrium price
PART II: REFLECTION PAPER
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