Political system: The way a country is governed and how leaders make decisions., , Economic system: The way a country produces, distributes, and uses goods and services., , Market economy: An economy where businesses and individuals make decisions based on supply and demand, with little government control., , Centrally planned economy: An economy where the government controls production, prices, and resources., , Mixed economy: An economy that combines both private businesses and government control., , Democracy: A political system where citizens vote to choose their leaders., , Autocracy: A political system where one person has all or most of the power., , Underdeveloped countries: Countries with very low income, limited industry, and weak infrastructure., , Developing countries: Countries that are improving economically and industrially but are not fully developed., , Developed countries: Countries with strong economies, advanced technology, and high living standards., , Gross Domestic Product (GDP): The total value of all goods and services produced in a country in one year., , Business cycle: The natural rise and fall of economic growth over time (boom → recession → recovery)., , Absolute advantage: When a country can produce a product more efficiently than another country., , Opportunity cost: The value of the next best choice you give up when making a decision., , Comparative advantage: When a country can produce a product at a lower opportunity cost than another country., , Lobbying: When corporations or groups try to influence government decisions and policies., .

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