Examlex
The manager of a branch bank wants to build a simulation model of the lobby operation to reduce the waiting time of her customers.The number of customers waiting in line at any point of time is an example of
Laissez-Faire Economy
Literally from the French: “allow [them] to do.” An economy in which individual people and firms pursue their own self-interest without any central direction or regulation.
Excess Supply
A situation where the quantity of a product offered for sale by producers is greater than the quantity demanded by consumers at a given price.
Equilibrium Price
The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Government
The organization or system through which a community, state, or nation is governed and regulated.
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