Listen to the following two explanations and write the words that correspond to the blanks. (Listen again if you need to.)
Script
A. M :
Supply and demand is an economic principle that determines the price of goods and services. Supply refers to the amount of a good or service that producers are willing and able to sell at a given price. Demand refers to the amount of a good or service that consumers are willing and able to buy at a given price. The price of a good or service is determined by the interaction of supply and demand. If supply exceeds demand, the price will fall until demand meets supply. If demand exceeds supply, the price will rise until supply meets demand.
B. W :
The law of the invisible hand is an economic principle introduced by Adam Smith in which individuals pursuing their own self-interest in a free market economy unintentionally benefit society as a whole. According to this principle, the pursuit of self-interest in a competitive market leads to an efficient allocation of resources and the maximization of overall economic welfare. The invisible hand refers to the unseen forces that guide market activity without any central coordination. It is an important concept in classical economics and has influenced many modern economic theories and policies.