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Economic Contractions
Periods where an economy experiences a decline in its general economic activity, often marked by reduced GDP.
Laissez-faire
An economic philosophy of free-market capitalism that opposes government intervention in business affairs.
Economic System
The organized way a society allocates its resources and apportions goods and services in the national community.
Classical Economists
Early economists who theorized that free markets regulate themselves through the laws of supply and demand, advocating for minimal government intervention.
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