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The fact that roses have a distinctive and similar fragrance regardless of where they are found is explained by the fact that
Closed System
A physical or economic system that does not interact with or exchange matter with its surroundings.
Say's Law
An economic theory that suggests that supply creates its own demand, meaning that production inherently generates a demand for the goods produced.
Open Economy
An economy linked to the rest of the world through international trade.
Equilibrium GDP
The level of GDP at which total demand for goods and services equals total supply in an economy, indicating a state of economic balance.
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