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Explain the difference between a vision and a mission.What role does a firm's vision statement play in corporate and competitive strategies?
Laissez-Faire Economy
An economic system in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.
Coordinating Mechanism
A system or process used to organize and harmonize different activities or parties so that they work together efficiently towards a common goal.
Laissez-Faire Economies
Economic systems in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.
Command Economies
Economic systems where government decisions rather than market mechanisms primarily dictate production, allocation, and prices of goods and services.
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