Economics Chapter 2; Section 3-4

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Question or Hint Answer or Word

Laissez faire The princple that the government should not interfere in the economy
competition the effort of two or more people acting independently to get business by offering the best deal
specialization a situation that occurs when individuals or businesses concentrate thier efforts in the area in which they have advantage for increased productivity and profit
mixed economy an economic system that has elements of traditional, command, and market economies: the most common economic system
global economy all economic interactions that across international boundaries