Examlex
What are the most important skills needed by a successful manager in today's business world?
Total Output
The total quantity of goods or services produced by a firm or economy over a specific period.
Invisible Hand
The concept that the self-regulating nature of the marketplace leads to the efficient allocation of resources through individuals pursuing their own self-interest, originally introduced by Adam Smith.
Federal Government
A system of government in which power is divided between a central authority and constituent political units, such as states or provinces.
Central Planning
An economic system where key decisions regarding production, investment, and distribution are made by the government or a central authority, rather than left to market forces.
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