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Primary characters on shows like Glee,90210,Degrassi,Will and Grace,Grey's Anatomy,and Modern Family demonstrate
Normal Profit
The level of profit that is just sufficient to keep an entrepreneur in business, equaling total revenues minus explicit and implicit costs.
Price System
An economic mechanism wherein prices are determined by the interaction of supply and demand, guiding the allocation of resources and distribution of goods and services.
Scarce Goods
Items that are limited in availability relative to the desires or needs of consumers.
Laissez-Faire Economy
Literally from the French: “allow [them] to do.” An economy in which individual people and firms pursue their own self-interest without any central direction or regulation.
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