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NATIONAL DIFFERENCES - Coggle Diagram
NATIONAL DIFFERENCES
LEGAL SYSTEMS
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Different legal systems
Civil law
A civil law system is based on a detailed set of laws organized into codes. When law courts interpret civil law, they do so with regard to these codes.
Found in more than 80 countries, including Germany, France, Japan, and Russia
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Common law
A system of law based on tradition, precedent and custom. When law courts interpret common law, they do so with regard to these characteristics.
Found in most of Great Britain’s former colonies, including the United States
ECONOMICS SYSTEMS
Command economy
All businesses are state-owned, and have little incentive to control costs and be efficient
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The g&s that a country produces, the quantity in which they are produced, and the price at which they are sold are all planned by the government
For example: North Korea functions as a centralized, single party, and tightly controlled dictatorial command economy.
Mixed economy
governments also tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests.
Mixed economies were once common throughout much of the world, although they are becoming much less so
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Market economy
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The g&s that a country produces, and the quantity in which they are produced is determined by supply and demand
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