Examlex
Unstructured decisions occur in situations in which no procedures or rules exist to guide decision makers towards the correct choice.
Command System
A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; socialism; communism. Compare with market system.
Central Planning
An economic system where the government or a central authority makes all decisions about the production and allocation of goods and services.
Economic Profits
The surplus generated when total revenues exceed the total costs (including both explicit and implicit costs) of production, reflecting a return beyond the normal profit level.
Total Costs
The combined total of expenses related to the generation of goods or services, integrating both unchanging and adjustable costs.
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