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Economic System
The organized way a society allocates its resources and apportions goods and services in the national community.
Classical Economists
Early economists who theorized that free markets regulate themselves through the laws of supply and demand, advocating for minimal government intervention.
Government Intervention
Actions taken by a government to influence or directly control aspects of its economy, such as regulations, subsidies, and tariffs.
Full Employment
A condition in which everyone who is willing and able to work at prevailing wage rates is employed.
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