Explain the situation of self-regulating economy.

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Jim says, "I think it's a little like when you have a cold or the flu. You don't need to see a doctor. In time, your body heals itself. That's sort of the way the economy works too. We don't really need government coming to our rescue every time the economy gets a cold." According to Jim, how does the economy work?

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Chapter 9, Problem 17QP

To determine

Explain the situation of self-regulating economy.

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