Examlex
Compare a federal system of government with the unitary and confederal systems by explaining advantages and disadvantages of each. Provide examples to illustrate your arguments.
Invisible Hand
A concept introduced by Adam Smith to describe the unintended social benefits resulting from individual actions when individuals pursue their own interests.
Competitive Market System
A market structure characterized by many buyers and sellers, free entry and exit from the market, and products that are similar.
Productive Efficiency
A situation where a firm produces goods at the lowest possible cost, utilizing all of its resources fully and effectively.
Pure Competition
A market structure characterized by a large number of small firms producing identical products, with no single firm having the market power to influence prices.
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