Chapter 2
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command system
A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; command economy; communism
market system
an economic system in which individuals, not the government control the production and distribution of goods and services; also called capitalism/ in US government plays a substantial role
laissez-faire capitalism
an economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference