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govt. in which citizens hold power directly or through elected representatives


leader rules with military backing (Cuba)


small group has all power, socialist ideas based primarily on economy (Cuba)

traditional economy

economy in which goods and services are traded without exchanging money

command economy

govt. controls all economic decisions (planned economy)

nationalize an industry

govt. takes over and owns industry (Venezuela)

market economy

consumer demand controls (USA)

mixed economy

combination of command and market economies

natural resources

materials in or on the earth with economic value (Trees, fish, coal, petrol...)

renewable resources

can be replaced through natural processes (trees, seafood)

non-renewable resources

can't be replaced once removed (petrol, oil, natural gas, coal)

inexhaustable resources

used for making power, result of solar or planetary processes. Unlimited. (Wind, solar power, Tides)

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