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Briefly discuss substantial performance.
Command Systems
Economic systems where decisions about production, investment, and distribution are regulated by a central authority or government rather than market forces.
Consumer Sovereignty
The principle that consumer preferences and choices dictate the production and sale of goods and services in an economy.
Circular Flow Model
An economic model that illustrates the flow of goods and services and money between sectors of the economy.
Income
The monetary payment received for goods or services, or the profit earned on investments, over a period of time, which can influence economic behavior and standard of living.
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