Examlex
Which of the following was an internationally agreed-upon compendium of environmental "best practice" that was regarded as a failure, but has subsequently had a wide impact and remains a point of reference?
Economic Competition
A condition in markets where businesses or sellers independently strive for consumer's dollars by offering the best possible terms, leading to efficient resource allocation.
Command Systems
Economic systems where the government controls key sectors of the economy, determining what goods are produced, their prices, and distribution.
Invisible Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest leads to the benefit of society at large.
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