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Weather forecast that predicts that the future weather will be the same as the present weather is called
Competitive Market Economy
An economic system where supply and demand determine the prices of goods and services, with minimal government intervention.
Economically Most Efficient
The state of achieving the highest level of output with the lowest possible input, optimizing the use of resources without waste.
Resource Prices
The cost of inputs used in the production of goods and services, such as labor, raw materials, and capital.
Market System
An economic system relying on market forces to allocate resources and to determine and regulate prices for goods and services.
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