5 terms

Centrally Planned Economies

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centrally planned economy
an economic system in which the government makes all decisions on the three key economic questions
command economy
another name for a centrally planned economy
socialism
a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society
communism
a political system in which the government owns and controls all resources and means of production and makes all economic decisions
authoritarian
describes a fom of government that limits individual freedoms and requires strict obedience from its citizens
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