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Capitalism
An economic system in which individuals or firms own capital and employ labour to produce goods and services for sale, with investment and profit playing central roles.
Central Planning
A method of organizing an economy in which a central authority sets production goals and coordinates the allocation of resources.
Command Economy
An economic system where key production and allocation decisions are mainly made by the government through planning and direction.
Economic System
A way a society organizes production and distributes resources, deciding what to produce, how to produce it, and who receives it.
Market Economy
An economic system where production and allocation decisions are mainly determined by markets and the price mechanism.
Slavery
A system in which people are treated as property or are deprived of freedom and compelled to work through violence or coercion.