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Classical Economists
Economic theorists from the 18th and 19th centuries, including figures like Adam Smith, David Ricardo, and John Stuart Mill, who focused on the idea of free markets, self-regulating economies, and the importance of competition.
Saving
The portion of income not spent on current consumption but reserved for future use.
Flexible Prices
A characteristic of markets where prices can change easily and rapidly in response to shifts in supply and demand.
Aggregate Supply Curve
A graphical representation depicting the total supply of goods and services that firms in an economy are willing to produce at various price levels.
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