Examlex
When colleges and universities hold convocations and graduations, faculty members in the procession wear cap and gown. Each represents the highest academic degree, general field of study, and the university where the professor's highest degree was granted. Most faculty members understand the color symbolism of their caps and gowns, but students and their parents often do not. What meaning is being conveyed to students and parents if they do not understand what the different colors encode? Does it matter if faculty members do not know what the different gowns and caps represent?
Market Economy
An economic system where supply and demand from consumers determine the production of goods and services rather than government intervention.
Economy's Performance
An evaluation of how well an economy is doing, commonly measured by indicators such as GDP growth, unemployment rates, and inflation.
Scarcity
The basic economic issue arises from the infinite human desires facing a scarcity of resources in the world.
Limited Resources
The finite availability of resources such as time, money, and materials, which necessitates choices about their allocation.
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