I should add, common races are pretty much standard D&D middle-high fantasy fare (IE elves, dwarves, orcs, goblins, etc...). Exotic things like demons or angels are negotiable.
Magic and technology have reached a sort of equilibrium. Technology is available to anyone who can afford it. Anyone can learn to use a musket with only a few minutes training (more training if you don't want the chance of it blowing up in your face, hah hah). Magic is more fickle, anyone can learn a simple hedge trick or two that may or may not work and don't cost anything (like throwing a pinch of salt over your shoulder when you spill it to ward off bad luck) but not everyone can cast fireballs no matter how long they train and study. It's both more exesable and less. On every street corner you can buy a charm or googaw that can make you rich, make someone fall in love with you, take away your acne some of the merchants are snake oil sellers and some are honest hedge wizards. This things cost only money and work about as well as they do in the real world. That is to say it's a matter of perception. If you've been single all your life break down and buy a love charm and find your true love, well, was it the charm or was it coincidence? Maybe buying the charm made you more confident in yourself maybe it really was magic, more to the point if you believe it worked does it matter if it was magic or confidence? Wands and real magic items are more complicated and dangerous and more expensive but anyone can use them with a simple word or phrase. Mages don't want people running around casting fireballs or magic missiles willy nilly just as technologists just don't give away barrels of gunpowder. These are rare and dangerous things.