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Study for the GMAT with Magoosh! 🎓 https://bit.ly/3Fb4T33 This week we're reviewing key concepts that could show up on your GMAT AND will help you in business school! Pull out your old economics textbooks or just watch this video for a supply and demand refresher. Now if you see a question that involves supply and demand on test day, it won't catch you off guard. You won't be specifically tested on these concepts on the GMAT, but you might come across them in a Critical Reading passage or in a Critical Reasoning argument. If you're already familiar with the concepts, the passage or argument will be easier to understand! :) Supply and demand are the two most basic concepts in economics. Together, they're used to create an economic model that shows how prices are determined in a market. In this video, I go over what happens to the price of a product when the supply and demand change in various ways. For more practice with supply and demand, check out: http://magoosh.com/gmat/2012/gmat-sup... Check out hundreds of practice questions and video lessons to help you prep for the GMAT at http://gmat.magoosh.com ~-~~-~~~-~~-~ Check out our newest upload! "GMAT Test-Maker Reveals How the Algorithm Really Works!" • GMAT Test-Maker Reveals How the Algorithm ... ~-~~-~~~-~~-~