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Price Mechanism
The system by which the prices of goods and services are determined in a free market, through the forces of supply and demand.
Government "Five-Year Plan"
A centralized and often government-enforced economic development strategy, typically aimed at rapid industrialization or development within a five-year timeframe.
"The Invisible Hand"
A term coined by Adam Smith to describe the self-regulating nature of the marketplace.
Government Planning
It involves strategies and policies implemented by a government to achieve specific economic, social, or environmental goals.
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