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Refer to the following class marks or midpoints for a frequency distribution of "weights of college men" recorded to the nearest pound:
The first three class marks are 105, 115, and 125.
What is the class interval? _____
Market System
(1) An economic system in which individuals own most economic resources and in which markets and prices serve as the dominant coordinating mechanism used to allocate those resources; capitalism. Compare with command system. (2) All the product and resource markets of a market economy and the relationships among them.
Incentives
Rewards or penalties designed to influence the actions or behaviors of individuals or entities in desired ways.
Internal Efficiency
The effective allocation and use of resources within an organization or system, leading to the achievement of its objectives without waste.
Public Sector
The segment of the economy comprised of government services and enterprises, funded and operated by the government, serving the public interest.
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