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vocabulary
| Term | Definition |
|---|---|
| capitalism | An economic and political system in which a country's trade and industry are controlled by private owners for profit. |
| Laissez-Faire | Absence of governments from interfering in the workings of the free market |
| Social Market | Social marketing is a marketing approach which focuses on influencing behavior with the primary goal of achieving "common good." |
| Neo-Capitalism | Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being. |
| Socialism | A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| Fascism | A political philosophy, movement, or regime that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression o |
| Communism | A political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curt |
| Traditional | A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. |
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mckenzieknorr23
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