Economic and Government Systems

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Traditional Economy

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An economic system where customs, traditions, and beliefs shape the goods and services the economy produces. It often relies on agriculture, fishing, hunting, and gathering. Barter is commonly used instead of money.

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Command Economy

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An economic system where the government makes all decisions regarding the production and distribution of goods and services. The government controls resources and production. Examples include the former Soviet Union and North Korea.

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Market Economy

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An economic system where decisions regarding investment, production, and distribution are based on supply and demand. Prices are determined by competition in a free market. Examples include the United States and most of Western Europe.

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Mixed Economy

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An economic system that combines elements of both market and command economies. Both the government and private sector play a role in economic decision-making. Examples include France and Sweden.

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Democracy

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A system of government where the citizens exercise power by voting. It ensures representation and accountability. Examples include the United States and India.

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Monarchy

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A form of government with a monarch at the head. It can be absolute (monarch has total control) or constitutional (monarch's powers are limited by law). Examples include Saudi Arabia (absolute) and the United Kingdom (constitutional).

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Dictatorship

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A form of government where a single person or a small group wields complete and absolute authority. Power is often taken and maintained by force. Examples include North Korea and Belarus.

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Communism

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A political and economic ideology aiming for a classless society where all property is publicly owned. The state plans and controls the economy, and a single party holds power. Examples include China and Cuba.