Examlex
The term red tape refers to the complex rules and procedure that must be followed for a bureaucracy to get something done.
Command System
A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; socialism; communism. Compare with market system.
Laissez-faire Capitalism
An economic system where government intervention in business and markets is minimal, and the forces of supply and demand are allowed to regulate the economy.
Central Planning
A system where economic decisions, such as the allocation of resources, are made by the government or a centralized authority.
Market System
An economic system in which market forces of supply and demand guide the production of goods and services and their distribution.
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