9781422274101

WORDS TO UNDERSTAND

capitalism— an economic system in which production and trade are controlled by private business. mixed economy— an economic system in which both private business and the government provide goods and service. social democracy— a system of government in which, while production and trade are controlled primarily by private business, massive interventions by the government are used to promote fairness, security, and social justice. socialism— an economic system in which production and trade are controlled by the government.

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