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Economic Systems There are a variety of economic systems today, which can influence how prosperous we will be as individuals or as a group. Socialism is an economic system where the government will be greatly involved in the economy. In a socialist economy the government can control many industries, provide public institutions such as health care and education, and equalize incomes of the population. A socialist economy is one of low unemployment and stability, where the government sets production quotas and price regulation upon their perception of the needs of the economy. On the other hand, a capitalistic economy is an economic system where there is a very limited amount of government involvement. The capitalistic economy is based on the demand of consumers and the supply of producers. There is a great advantage of living in a nation where there is a low amount of government intervention in...

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