Examlex
The belief that the unconscious mind has an influence on an individual's behaviour is part of what early approach to psychology?
Price System
An economic mechanism wherein prices are determined by the interaction of supply and demand, guiding the allocation of resources and distribution of goods and services.
Scarce Goods
Items that are limited in availability relative to the desires or needs of consumers.
Laissez-Faire Economy
Literally from the French: “allow [them] to do.” An economy in which individual people and firms pursue their own self-interest without any central direction or regulation.
Excess Supply
A situation where the quantity of a product offered for sale by producers is greater than the quantity demanded by consumers at a given price.
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