Examlex
What is the difference between a census and a sample?
Price System
An economic mechanism that uses prices arising from supply and demand interactions to communicate information to help guide the allocation of resources.
Scarce Goods
Goods that are limited in supply in comparison to their demand, necessitating allocation mechanisms.
Automatically Distributes
Refers to processes or systems that allocate resources, duties, or information without the need for human intervention.
Price Rationing
The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.
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