Examlex
One significant aspect of the modern nation-state is
Classical Economic Systems
An economic framework based on free markets, limited government intervention, and the belief in the efficiency of market outcomes as guided by invisible hand principles.
Economy
A system of production, distribution, and consumption of goods and services within a particular geographical area.
Full Employment GDP
The output level produced in an economy when labor resources are fully employed, but not over-employed.
Spending
The expenditure of money on goods, services, or other items by individuals, businesses, or governments.
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