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Classical Economics
A school of thought in economics that emphasizes the role of free markets in facilitating economic development and regulating economic systems.
Keynesian Economics
An economic theory stating that government intervention through fiscal and monetary policy can mitigate the adverse effects of economic recessions and depressions.
Great Depression
A severe worldwide economic downturn that took place during the 1930s, marked by mass unemployment, deflation, and a significant drop in demand and production.
Full Employment Output
The highest level of output an economy can achieve without causing inflation, when labor resources are fully employed.
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