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5 Cards in this Set
- Front
- Back
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REPRESENTATIVE DEMOCRACY
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people elect representatives and give them the responsibility and power to make laws and conduct government.
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CAPITALISM
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an economic system providing free choice and individual incentives for workers, investors, consumers, and business enterprises.
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COMMAND ECONOMY
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an economic system in which the government controls the factors of production.
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SOCIALISM
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the government owns the basic means of production, distributes the products and wages, and provides social services as health care and welfare.
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COMMUNISM
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economic system in which the central government directs all major economic decisions.
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