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What is the difference in the early view and modern view of manager-as-leader
Classical Theory
An economic theory that emphasizes the ideas that free markets can regulate themselves through the laws of supply and demand, positing minimal government intervention.
Short Run
A period in economics where at least one factor of production is fixed and cannot be varied to influence output.
Long Run
A period during which all inputs can be adjusted by firms, as opposed to the short run where some inputs are fixed.
Aggregate Demand Curve
A curve that represents the total demand for all goods and services in an economy at various price levels, typically downward sloping.
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