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What is gold standard? What was the major advantage of the system?
Human-Capital
The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
Social-Capital
The interconnected web of interactions among individuals residing and operating within a specific community, facilitating the smooth functioning of that society.
Income Inequality
The uneven distribution of income within a population, leading to financial disparity among its members.
Official Definition
An explicitly stated and widely accepted explanation or meaning of a word or concept, often provided by a reputable or governing authority.
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