Examlex
How did the Imperial Academy,established in 124 B.C.E.by Emperor Wu, prepare men for positions in government?
Invisible Hand
A concept introduced by Adam Smith to describe how individuals’ self-interested actions can lead to positive social and economic outcomes for the community as a whole.
Self-Interest
An individual’s actions and decisions motivated by personal gain or benefit.
Public Interest
Denotes the well-being of the general public and the consideration of what is beneficial for society as a whole.
Economic Profits
Profits exceeding the opportunity costs of all inputs, indicating a return beyond the norm expected in the market or industry.
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