Examlex
________deals with the creation, use, and application of knowledge and its interrelation with life, society, and the environment.
Socialist
refers to a political and economic theory of social organization which advocates for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.
Price Mechanism
The way in which prices rise and fall to balance supply and demand, allocating resources efficiently in a market economy.
Competing Firms
are companies operating in the same industry or market that offer similar products or services to consumers.
Government Regulate
The activities undertaken by government authorities to control or oversee specific industries, practices, or market activities usually to ensure public welfare or fair market competition.
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