Capitalism, An economic system based on private ownership and free markets., Socialism, An economic system where resources are owned or regulated by the state or the community., Marxism, A social, political, and economic theory developed by Karl Marx that critiques capitalism and emphasizes class struggle., Gross Domestic Product (GDP), The total value of goods and services produced within a country in a given period., GDP per capita, The total Gross Domestic Product of a country divided by its population, Supply and Demand, The economic model that explains how prices are determined in a market., Inflation, A general increase in prices over time, reducing purchasing power., Unemployment Rate, The percentage of the labor force that is without work but actively seeking employment., Market Economy, An economy where decisions about production and consumption are driven by supply and demand., Fiscal Policy, Government decisions about taxation and public spending to influence the economy..
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Basic Economics Terms
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