Examlex
Knowledge that people use to make a way of life in their surroundings is called
U.S. Economy
The economic system of the United States, characterized by a mixed economy with a high level of output, technological innovation, and a diverse industrial base.
Efficiency
The optimal use and allocation of resources to produce the maximum amount of goods and services with minimal waste.
Equity
The concept of fairness in economics, typically referring to ownership interest in a company or property, or the idea of justice in distribution of wealth or resources.
Command Economy
An economic system where the government controls the major aspects of production, distribution, and exchange of goods and services.
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