Examlex
The merit system was developed to counteract the discrepancies of the patronage system.
Supply and Demand
Economic principles stating that the price of a good is determined by its availability (supply) and consumers' desire to purchase it (demand).
Price of the Good
The amount of money required to purchase a specific product or service in the market.
Nation's Wealth
The total value of all assets and resources owned by a country, including natural resources, human capital, and financial assets.
Adam Smith
An 18th-century Scottish economist and philosopher, widely considered the father of modern economics, best known for his works on the principles of free market capitalism.
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