Free Market: A free market refers to an economic system where prices are determined by supply and demand without significant government interference or control.
Division of Labor: Division of labor involves breaking down complex tasks into simpler components assigned to different workers, increasing efficiency and productivity. It was emphasized by Adam Smith as a key factor in economic growth.
Profit Motive: The profit motive is the driving force behind capitalist economies, where individuals and businesses seek to maximize profits as their primary incentive for engaging in economic activities.