Examlex
Describe what the operations function is and how it relates to other business functions.
Economics
The social science that studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to maximize their wealth or utility.
Invisible Hand Principle
A concept introduced by Adam Smith, suggesting that individuals' self-interested actions may lead to positive societal outcomes, effectively guided by an "invisible hand."
Competitive Markets
Markets with numerous buyers and sellers, enabling free competition and efficient price setting.
Resources
are materials, money, staff, and other assets that can be drawn on by a person or organization to function effectively.
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