Examlex
In an auction without reserve,the seller must accept the highest bid and cannot withdraw the goods from sale.
Democracy
A form of government in which power is vested in the hands of the people, either directly or through elected representatives.
Proportion
A mathematical concept describing the relationship between part of a whole and another part or between one part and the whole.
Social Inequality
The existence of unequal opportunities and rewards for different social positions or statuses within society.
Industrialized Countries
Nations characterized by a significant level of industrialization, with a major portion of the economy based on manufacturing and services.
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