Examlex
Optional parentheses in expressions are said to be
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.
Flexible Wages
A wage system where pay rates can easily adjust in response to changing economic conditions, such as supply and demand for labor.
Aggregate Demand
The total demand for all goods and services within a country's economy at a given overall price level and in a given time period.
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