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Perfect competition exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.
Collective Conscience
The shared beliefs, morals, and attitudes that operate as a unifying force within society.
Latent Function
Unintended and often unrecognized outcomes that contribute to the adjustment or adaptation of a system.
Marxian
Related to the theories and writings of Karl Marx, especially with respect to his analysis of society, politics, and economics.
Capitalist Economy
An economic system where trade, industries, and the means of production are largely or entirely owned and operated by private individuals or businesses aiming for profit.
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