Examlex
Collaboration systems support the complex interactions between people who may be in different locations and desire to work across functions and discipline areas.
Invisible Hand Principle
Adam Smith's concept that individuals' self-interested actions can lead to positive social and economic outcomes, guided as if by an invisible hand.
Economic Welfare
The overall well-being and standard of living of people in an economy, typically measured by indicators like wealth, health, and happiness, alongside economic factors.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar but differentiated.
Invisible Hand Concept
A term coined by Adam Smith describing the self-regulating nature of the marketplace, where individuals pursuing their self-interest unwittingly contribute to the economic wellbeing of society.
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