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Central Planning
An economic system where key decisions about production, distribution, and consumption of goods and services are made by the government or a central authority.
Shift Inward
A situation in economics where the supply curve moves towards the origin, indicating a decrease in supply at every price level.
Unemployment Rate
The number unemployed as a percentage of the labor force.
Technology
The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and processes.
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