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5 Cards in this Set

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  • Back
Command Economy
An economy in which production, investment, prices, and incomes are determined centrally by a government.
Socialism
A political and economic theory of that advocates that the means of production, distribution, and exchange should be owned or regulated...

(in Marxist theory) A transitional social state between the overthrow of capitalism and the realization of communism.
Communism
A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs
Fascism
a political theory advocating an authoritarian hierarchical government (as opposed to democracy or liberalism)
Capitalism
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state