Examlex
________ is the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.
Pure Capitalist Economy
An economic system characterized by private ownership of the means of production and the absence of government intervention in the market.
Price Mechanism
The process through which market prices adjust to balance supply and demand, allocating resources efficiently.
Government Central Planning
A system where the government makes all decisions on the production and distribution of goods and services.
Centrally Planned
An economic system where major decisions regarding production, distribution, and investment are made by the government or a central authority.
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