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Aristocrat
somebody who was born into a high social class
inherited
something that is passed down from one generation to another
democracy
government in which the people hold the power to govern
parliament
britain’s law making body or congress
cabinet
a group of advisors who serve the president or prime minister
general election
the common people vote instead of representatives
capitalism
an economic system where the people own and control most industries and businesses
corporation
a large company with many partners or shareholders
factors of production
things that are needed in order to produce a good
goods
any physical item which can be bought or sold
Services
things that are done for a profit
supply
the amount of a good that is available
demand
how much buyers want an object or good
Socialism
an economic system where the government controls key industries
communism
an economic system which is entirely controlled by the government and the society as a whole owns all industries and businesses
Domestic
things that happen at home or in ones home country
international
dealing with more than one nation
economy
the trading of goods, services, and money
Laissez-Faire
the government should leave private businesses alone
Economic system
the method used to produce, distribute, and exchange goods and services within a nation
Note
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