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Which of the following represents knowledge in the form of past performance, occurrences, and experiences?
Payments
Transactions or transfers of money in exchange for goods or services, or to fulfill a legal obligation.
Central Planning
A system where the government makes all decisions about the production and allocation of goods and services.
Invisible Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests unintentionally contribute to the economic well-being of society.
Property Rights
Legal rights to possess, use, and dispose of assets.
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