A market economy is a tool - a valuable and effective tool - for organizing productive activity.
National saving is the total income in the economy that remains after paying for consumption and government purchases.
The GDP deflator measures the current level of prices relative to the level of prices in the base year.
Human capital is the accumulation of investments in people, such as education and on-the-job training.
A monopolist is a firm that is the sole seller of a product without close substitutes.
The demand for a factor of production is a derived demand.
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