Examlex
The serving staff at Mary's Diner does not have to check with their supervisor before offering customers free dessert when the customers are dissatisfied with their dine-in experience.This is an example of
Inefficiency
A situation where resources are not used in the best possible way, often leading to waste and a lower output than could be achieved.
Trade
The exchange of goods, services, or both between two or more parties.
Factors of Production
The assets employed to produce goods and services, encompassing land, labor, capital, and entrepreneurship.
Command Economy
A type of economic system where production, investment, prices, and incomes are determined centrally by a government.
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