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Key Terms:
economic system, command system
(centrally planned, socialism), market system
(capitalism, laissez-faire), mixed economic system,
Bolshevik revolution, self interest, private property,
freedom of enterprise and choice, competition, market,
specialization, consumer sovereignty, dollar votes,
invisible hand, creative destruction, coordination
problem, incentive problem, circular flow diagram,
product market, resource market, opportunity cost,
absolute advantage, comparative advantage, gains from
trade, free trade.
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