Examlex
________ was first demonstrated in experiments performed on dogs by Ivan Pavlov, a Russian physiologist doing research on digestion in animals.
Central Authority
A governing body or organization that holds the primary power and control over a specified collective or region, often tasked with decision-making and regulation duties.
Production Frontier
Also known as the production possibility frontier, it illustrates the maximum possible output combinations of two goods or services a business can achieve with its current resources and technology.
Market System
A system where economic decisions and the pricing of goods and services are guided purely by the interactions of a country's individual citizens and businesses.
Centrally Planned System
An economic system in which decisions about production and distribution are made by a centralized authority rather than by market forces.
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