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an economic system that features private ownership of property and the means of production. Also referred to as capitalism
an economic system in which all of the means of production and distribution are controlled and owned by the society by a whole. Also referred as communism
an economic system in which the major means of production are owned or controlled by the government but private ownership of small businesses and private property are encouraged. Also referred as socialism
although two nations can produce the same product one of the nations can produce it at a lower cost
people are ableto create any legal busines, sell any product, and do anything that is legal to attract customers
Inherit (Inheritance Tax)
to receive property, money, etc. from an ancestor upon their death. The government levies an inheritance tax on the value of property
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