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What is the major organic product of the following reaction?
Competitive Pressures
Forces that compel businesses to compete more effectively through pricing, innovation, and improved quality to gain or maintain market share.
Higher-Cost Producers
Firms that incur greater expenses in the production of goods or services compared to their competitors, often due to inefficiencies or higher input costs.
Invisible-Hand Concept
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest leads to beneficial outcomes for society.
Self-Interest
The focus on actions or activities that are advantageous to an individual or organization.
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