Examlex
Mutually exclusive projects are those whose cash flows compete with one another; the acceptance of one does not eliminate any others from further consideration.
Invisible Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests unintentionally contribute to the economic well-being of society.
Property Rights
Legal rights to possess, use, and dispose of assets.
Medium of Exchange
An intermediary used in trade to avoid the inconveniences of a pure barter system, such as currency or other financial instruments.
Efficient Use
Utilizing resources in a manner that maximizes the production of goods and services without waste.
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