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Which of the following did NOT play a part in the emergence of the economy as a distinct social institution?
Government Growth
An increase in the size and scope of government activities, often measured in terms of spending, intervention, or regulatory actions.
Western Democracies
Countries in the Western hemisphere that operate under a democratic form of government, emphasizing individual freedom and electoral representation.
Elastic Supply
A situation where the quantity supplied of a good or service changes significantly in response to changes in price.
Tax Burden
The overall impact of taxes on an individual or entity's finances, often expressed as a percentage of income or total cost.
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