Examlex
Hierarchy,explicit rules,specialization,and merit are the four characteristics of the traditional model of ______.
Opportunity Cost
The value of the best alternative forgone where a choice needs to be made between several mutually exclusive alternatives.
Aggregate Income
The total amount of income earned by all individuals or entities within an economy.
World Economy
The global network of economic activities, trade, and production that transcends national borders, involving various economies of the world.
Private Sector
The part of the economy that is run by individuals and companies for profit and is not state controlled.
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