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Basic Markets
Markets that are fundamental to the economy, dealing with the exchange of goods, services, labor, and financial instruments.
Central Planning
An economic system where the government or central authority makes all decisions regarding the production and distribution of goods and services.
Coordination Problem
The challenge of aligning decisions and actions among various parties to achieve a common goal.
Inputs
Resources such as labor, materials, and capital that are used in the production process to create goods or services.
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