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Figure 35-4
Use the graph below to answer the following questions.
-Refer to Figure 35-4.Curve 2 is the
Pure Capitalism
An economic system characterized by private property rights and the market allocating resources with little government intervention.
Laissez-Faire Capitalism
Laissez-Faire Capitalism is an economic system where private parties are free from government intervention like regulations, privileges, tariffs, and subsidies, with property rights upheld.
Economic Systems
Organized methods societies use to distribute goods and services, including capitalism, socialism, and mixed economies.
Factors of Production
The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.
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