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Economics
The management of affairs and expenses, thrifty use of resources, and efficiency.
Bartering
The exchange of goods or services for other goods or services without using money.
Adam Smith
Scottish philosopher known as the founder of modern economics, author of "The Wealth of Nations" in 1776.
Comparative Advantage
The theory that two parties can benefit from trade even if one is more efficient in producing all goods.
Communist Manifesto
A political pamphlet by Karl Marx and Friedrich Engels advocating for the overthrow of the capitalist system.
Classical Economics
Market-based economic theory dominant in the 19th century, focusing on free markets and private property.
Alfred Marshall
English economist who wrote "Principles of Economics" in 1890, contributing concepts like supply and demand.
Keynesian Economics
Economic theory introduced by John Maynard Keynes in response to the Great Depression, emphasizing government intervention.
Business
An organization engaged in commercial, industrial, or professional activities to produce goods or services.
Business Plan
Essential document outlining details of a business, including market info, management, products, and sales projections, crucial for securing funding.