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Wealth of Nations
A seminal book by Adam Smith that examines how nations achieve wealth and economic growth.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his book "The Wealth of Nations," which lays the foundation for classical economics.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market balance.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price.
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