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What is the difference between a promissory note and a check? Why is the distinction important?
Adam Smith
An 18th-century Scottish economist and philosopher, widely considered the father of modern economics, best known for his works on the principles of free market capitalism.
Free Markets
Economic systems in which the prices for goods and services are determined by the open market and consumers, without government intervention.
Equilibrium Price
The rate in the marketplace at which the volume of goods being offered is the same as the volume of goods being sought.
Equilibrium Quantity
The quantity of a good or service at which demand meets supply.
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