Examlex
What were the "Black Codes" in the southern states following the Civil War?
Central Planning
An economic system where major decisions about the production, allocation, and distribution of goods and services are made by the government.
Economy Expands
A phase of the economic cycle where there is an increase in industrial production, employment, income, and sales, indicating overall growth in the economy.
Economic Efficiency
A state in which resources are allocated in a way that maximizes the total utility to society, minimizing waste and inefficiency.
Minimum Units
The smallest quantity of something required or allowed, especially in the context of production or inventory.
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