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- Describe the foundational philosophies of capitalism and socialism.
- Discuss private property rights and why they are key to economic development.
- Discuss the concept of GDP (gross domestic product).
- Explain the diﬀerence between ﬁscal and monetary policy.
- Discuss the concept of the unemployment rate measurement.
- Discuss the concepts of inﬂation and deflation.
- Explain other key terms related to this chapter including: supply; demand; equilibrium price; monopoly; recession; depression.