Examlex
You will earn more interest from a given amount of bank saving deposit after 10 years with the compounding effect than without the compounding effect.
Difference Principle
A social and economic principle that inequalities are only justified if they benefit the most disadvantaged members of society.
Egalitarian Principle
A philosophical doctrine emphasizing equality in rights and opportunities among people.
Market-based Approach
An economic strategy that relies on market forces such as supply and demand to address issues and allocate resources.
Socialized Approach
A method or practice where resources are owned, managed, and provided by the community as a whole or by a government, often emphasizing universal access to goods and services.
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