Examlex
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Classical School
A branch of economic thought that emphasizes the importance of market forces in determining economic outcomes and the self-regulating nature of the economy.
Great Depression
A severe and prolonged global economic downturn that occurred in the 1930s, marked by massive unemployment and deflation.
Laissez-Faire
The philosophy that the private economy should function without any government interference.
Classical Theory
An economic theory proposing that free markets can regulate themselves through the relationship of supply and demand without government intervention.
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