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Which of the following is the final step of the wheel of innovation?
Invisible Hand Concept
A term coined by Adam Smith describing the self-regulating nature of the marketplace, where individuals pursuing their self-interest unwittingly contribute to the economic wellbeing of society.
Economic Prosperity
A state where individuals and societies enjoy high standards of living, demonstrating growth in wealth and resources.
Competitive Market Prices
Prices determined by the supply and demand in a market where many buyers and sellers exist and no single entity controls the market price.
Market Prices
The actual selling price of goods and services in a marketplace, determined by supply and demand dynamics.
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