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Invisible Hand
A metaphor introduced by Adam Smith to describe the self-regulating behavior of the marketplace where individuals pursuing their self-interest inadvertently benefit society.
Desirable Market Outcomes
Market results that are sought after for their positive impact on consumers, producers, and the overall economy.
Households
Units consisting of people living together, either related by blood, marriage, or adoption, making economic decisions as a single entity.
Central Planning
An economic system where the government makes all decisions on the production and distribution of goods and services, typically found in socialist economies.
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