Examlex
The bone of the foot indicated by the arrow in this figure is the:
Joseph Schumpeter
An economist known for his theories on business cycles and economic development, emphasizing the role of innovation and entrepreneurship.
Theory
A system of ideas intended to explain something, based on general principles independent of the thing to be explained.
Invisible Hand
A metaphor coined by Adam Smith to describe the self-regulating nature of the market, where individuals pursuing their own interests inadvertently benefit society as a whole.
Competitive Market
A market structure characterized by a large number of buyers and sellers where no single party can dictate the market price of goods or services.
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