SS.7. CG.3.15 Economic Systems Vocab

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capitalism

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an economic system in which private individuals own and control most of the factors of production

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communism

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a political and economic system of centralized power in which a single-party or dictatorship abolishes private property and controls the means of production and the distribution of goods and services

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economic systems

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the method used by a society or government to organize production and distribute resources, goods and services

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socialism

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a political and economic system in which the government owns and controls major industries rather than individual people and companies.