Examlex
The element of the communication process that closes the loop in the communication flow and allows the sender to monitor how a message is being received and interpreted is:
Central Planning
An economic system where all major production, investment, and distribution decisions are made by a central authority, typically the government.
Free Enterprise
An economic system in which private businesses operate in competition and largely free of state control, with minimal government intervention.
Price Mechanism
The method through which changes in supply and demand cause prices to increase or decrease, directing how resources are distributed in a market-based economy.
Market Failure
An instance where goods and services are distributed by an unregulated market in a manner that is not optimum, frequently causing a reduction in the total wellbeing of society.
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