Examlex
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Resource Allocation
The process of assigning and distributing available resources to various uses in the most efficient way.
Innovation
The process of creating new products, processes, or ideas that bring value to society, businesses, or individuals.
Central Planning
An economic system where the government makes all decisions on the production and allocation of goods and services.
Economic Profitability
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial success and viability of a venture.
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