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the structure of methods and principles that a society uses to produce and distribute goods and services
a set of government programs that protect people who face unfavorable economic conditions
an economic system that relies on habit, custom, or ritual to decide the three economic questions
the concentration of the productive efforts of individuals and businesses on a limited number of activities
free market economy
an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
the arena of exchange in which firms purchase the factors of production from households
a term coined by Adam Smith to describe the self-regulating nature of the marketplace
centrally planned economy
an economic system in which the government makes all decisions on the three key economic questions
a range of economic and political systems based on the belief that wealth should be distributed evenly throughout society
a political system in which the government owns and controls all resources and means of production and makes all economic decisions
describes a form a government that limits individual freedoms and requires strict obedience from its citizens
property that is owned by individuals or companies, not by the government or the people as a whole
the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace
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