Examlex
The principle type of naval transportation in the Mediterranean until the eighteenth century was the
Market System
The economy operates under a system where investment decisions, production processes, and distribution plans are shaped by the principles of supply and demand, and the open market is where prices for goods and services are freely established.
Allocation Of Resources
The process of assigning available resources, or inputs, to specific uses chosen among many possible and competing alternatives in order to achieve goals.
Income Distribution
The manner in which a nation’s total earnings are divided among its population, affecting economic equality.
Self-Interest
The motivation driving individuals to pursue their own advantages or benefits, often used in economic contexts to explain rational behavior.
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