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When asked to define "the state," Louis XIV supposedly said,
Government Functions
The activities and responsibilities undertaken by a government, including legislation, law enforcement, and the provision of public goods and services.
Rights of Individuals
Legal, social, or ethical principles of freedom or entitlement; the fundamental normative rules about what is allowed or owed to people.
Markets
Places or structures where buyers and sellers interact to exchange goods, services, or information under specific economic conditions.
Economic Efficiency
A situation where resources are allocated in a way that maximizes the production of goods and services at the lowest cost to society.
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