Define the Term Economic System

question 89

Essay

Define the term economic system. Discuss the two ways in which economic systems can differ.

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Definitions:

Conscription

The mandatory enlistment of individuals into the armed forces, often implemented during wartime or national emergencies.

Centralized Government

A form of government in which political power and authority are concentrated in a central government, leaving local governments with limited powers or functions.

Ironclad Ships

Armored naval vessels introduced in the mid-19th century, marking a significant advancement in naval warfare technology, notable for their role in the American Civil War.

USS Monitor

A significant ironclad warship of the Union during the American Civil War, renowned for its pivotal role in the Battle of Hampton Roads in 1862, marking a revolution in naval warfare.