Examlex
Explain the concept of programmed decision making and provide one example of a programmed decision. Also, discuss when a decision is not suited to this approach and provide one example.
Private Property
The legal right to own and control property (such as land or buildings) by individuals or corporations.
Profit Making
The activity of earning more money than what is spent on producing or buying goods or services, resulting in financial gain.
Industrial Revolution
A period of major industrialization that took place during the late 1700s and early 1800s, leading to significant changes in agriculture, manufacturing, mining, transportation, and technology, which had a profound effect on the socioeconomic and cultural conditions of the times.
Private Enterprise System
A system where private individuals or groups own and operate businesses with minimal government intervention, emphasizing profit and free market principles.
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