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What is the medical term for a band of muscle that encircles an opening; when it contracts, the opening squeezes closed?
Economic Systems
The organizational structures societies use to allocate resources, distribute goods and services, and make production decisions.
Mixed-Market Economy
An economic system that combines elements of both capitalism and socialism, featuring a combination of free market principles and government intervention.
Laissez-Faire Economy
An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.
Laissez-Faire Capitalism
An economic system where private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.
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