Examlex
Simple majority voting sometimes leads to projects being undertaken whose costs are greater than the benefits.How is this possible?
Aggregate Supply Curve
The relationship between the total quantity of goods and services that firms are willing to produce and sell at different price levels in an economy.
Laissez-Faire Capitalism
An economic system where private parties are free to engage in economic activities with minimal government intervention.
Classical System
The classical system in economics refers to a school of thought that emphasizes free markets, competition, and the self-regulating nature of economies.
Self-Regulating Markets
A concept where markets operate and correct themselves through the forces of supply and demand without external intervention.
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