Examlex
Why are communication skills critical for success in knowledge-based economies?
Capitalist
A person who supports or engages in the principles of capitalism, a system where trade, industries, and the means of production are largely or entirely privately owned and operated for profit.
Invisible Hand
A metaphor introduced by Adam Smith to describe the self-regulating nature of the market economy driven by individuals' pursuit of their own interests.
Price Mechanism
The system by which the prices of goods and services are determined in a free market, based on the principles of supply and demand.
Central Planning Agency
An organization responsible for directing economic activity according to a comprehensive plan, often in a centrally planned economy.
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