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private property

goods owned by the people or by business

demand

when many people buy a certain good or service

socialism

an economic system where the government provides many programs to all people

communism

an economic system where the government controls the production of the goods and services

market clearning price

the price at which all of a certain good will be sold

demand

when many people buy a certain good or service

competition

when one person tries to outdo another

mixed economy

economic system that is part market economy and part command economy

supply

price people are willing to pay

Adam Smith

created self interest ?

karl marx

created socialism and communism

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