Examlex
Suppose in a classroom of students some arrive early to class,but most students arrive just moments before class begins,and no one comes in after class has started.What could you say about the distribution of student arrival to class?
Laissez-faire Capitalism
An economic system characterized by minimal government intervention and the free operation of market forces.
Minimal Government Intervention
Minimal government intervention refers to a political and economic philosophy that advocates for the government to interfere as little as possible in the economic decisions of individuals and businesses.
Division of Labor
The separation of the work required to produce a product into a number of different tasks that are performed by different workers; specialization of workers.
Command Systems
Economic systems where production, investment, prices, and incomes are determined centrally by a government.
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