Examlex
A small high tech firm doesn't have the financial resources to pay a licensing fee to use a patented technology in the design of its new computer technology but uses it none-the-less. This is an example of an act that is:
Classical Economics
A theory that emphasizes the importance of free markets, competition, and self-regulation in the economy.
Full Employment
An economic situation where all available labor resources are being used in the most efficient way possible, indicating low unemployment.
Government Intervention
Involves actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and direct spending.
Aggregate Supply Curve
A graphical representation depicting the total supply of goods and services that firms in an economy are willing to sell at a given price level over a period of time.
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