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8 Cards in this Set

  • Front
  • Back
An economy in which the setting of prices and allocating of resources are determined largely by the forces of supply and demand and that permits an open exchange of goods and services between producers and consumers
market economy
an economic system in which decisions such as the who, how, what, and for whom questions are all made on the basis of customs, beliefs, religion, habit
traditional economy
situation in which a country imports more that it exports
trade deficit
an economic system where the allocation of resources, including determination of what goods and services should be produced, and in what quantity, is planned by the government
command economy
glorification of the military by expanding a country's army and navy
A type of government where legislators are elected by a vote of the people, then they choose an executive among themselves
parliamentary democracy
An economic term for when less developed nations export raw materials to industrial nations and import manufactured goods
economic dependence
a type of government where a person backed by the army assassinates the ruler of a nation and declares that he is now ruler