Examlex
The open-system theory cycle includes these three components:
Quantity Demanded
The amount of a product that consumers are willing and able to purchase at a specified price within a given time period.
Minimum Wage
The lowest legal hourly pay that workers can be paid by employers, set by government legislation.
Unemployment
The situation in which individuals who are capable of working and willing to work cannot find employment.
Black Market
An illegal traffic or trade in officially controlled or scarce commodities, bypassing governmental regulation or taxation.
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