Examlex
If firms and households form their expectations about inflation by looking at past inflation,this form of expectations formation is known as ________ expectations.
Market System
An economic system where decisions regarding investment, production, and distribution are based on supply and demand, with prices determined in free markets.
Self-Interest
An individual's actions and decisions are motivated by their own personal gain or interest, often considered as the driving force behind economic activity.
Competition
is the rivalry among sellers in the same market to attract customers by offering better terms, quality, or services.
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