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Laissez Faire Capitalism
An economic system where private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.
Human Specialization
The process whereby individuals focus on a narrow area of skill or knowledge, increasing efficiency and productivity in the workforce.
Society's Output
This term describes the total amount of goods and services produced by a society or an economy over a specific time frame.
Self-Interest
The motivation of individuals to pursue their own welfare and interests, often considered a fundamental economic driving force.
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