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Minimal Government Intervention
Minimal government intervention refers to a political and economic philosophy that advocates for the government to interfere as little as possible in the economic decisions of individuals and businesses.
Division of Labor
The separation of the work required to produce a product into a number of different tasks that are performed by different workers; specialization of workers.
Command Systems
Economic systems where production, investment, prices, and incomes are determined centrally by a government.
Pure Capitalism
An economic system characterized by private ownership of the means of production, minimal government intervention, and the free market determining prices and distribution of goods.
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