Examlex
In which of the following ways was the South different from the rest of the nation?
Market System
An economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in free markets.
Inefficiency
A condition where resources are not used in the most economically beneficial way, leading to wasted resources or less-than-optimal outcomes.
Communist Central Planning
An economic system where all major production decisions are made by the government, with an aim of allocating resources according to a comprehensive plan.
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