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BE UNIT2.03

TermDefinition
Command Economic System a small group of people is in a command of all the others
Communism Economic System political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production and the natural resource of a society
Market Economic System individuals and businesses own the means of production and distribution
Socialism government own some basic means of production, (banks, energy, and communication), but there is private ownership of businesses as well
Traditional Economics Systems based on traditions passed down through the generations
Created by: brenda.p538
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