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"full employment: The condition when all people who want to work and can work have jobs. goods: Tangible items manufactured by businesses. gross domestic product (GDP): The total market value of all final goods and services produced within a nation’s borders each year. inflation: The situation in which the average of all prices of goods and services is rising. knowledge: The combined talents and skills of the workforce. knowledge workers: Workers who create, distribute, and apply knowledge. macroeconomics: The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products. market structure: The number of suppliers in a market. microeconomics: The subarea of economics that focuses on individual parts of the economy, such as households or firms. mixed economies: Economies that combine several economic systems; for example, an economy where the government owns certain industries but others are owned by the private sector. monetary policy: A government’s programs for controlling the amount of money circulating in the economy and interest rates. monopolistic competition: A market structure in which many firms offer products that are close substitutes and in which entry is relatively easy. national debt: The accumulated total of all of the federal government’s annual budget deficits. not-for-profit organization: An organization that exists to achieve some goal other than the usual business goal of profit. oligopoly: A market structure in which a few firms produce most or all of the output and in which large capital requirements or other factors limit the number of firms. perfect (pure) competition: A market structure in which a large number of small firms sell similar products, buyers and sellers have good information, and businesses can be easily opened or closed."