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What Is the Significant Difference Between Shruti and Smriti? How

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Essay

What is the significant difference between shruti and smriti? How do these distinctions characterize the authority of texts, and why is this distinction important? Use examples in your discussion.


Definitions:

Market System

In this model, the economic operations regarding investments, the scale of production, and the distribution strategy are guided by supply and demand laws, ensuring that the pricing of goods and services is freely determined through a system of unrestricted prices.

Business Risk

The potential for financial loss or failure that a business faces due to factors like market fluctuations, competition, and management decisions.

Entrepreneurs

Individuals who organize, operate, and assume the risks for business ventures, acting as the driving force behind innovation and economic growth.

Firm

An organization or business entity that produces and sells goods or services in an attempt to generate profit.

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