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strand 1
economic systems
Term | Definition |
---|---|
market | An economic system in which production and prices are determined by unrestricted competition between privately owned businesses. |
command | An economy in which production, investment, prices, and incomes are determined centrally by a government. |
mixed | An economic system combining private and public enterprise |
capitalism | An economic and political system in which a country's trade and industry are controlled by private owners for profit. |
Laissez-Faire | Absence of governments from interfering in the workings of the free market. |
social marketing | Social marketing is a marketing approach which focuses on influencing behavior with the primary goal of achieving "common good." |
neo capitalism | Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being. |
socailism | A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
Fascism | A political philosophy, movement, or regime that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression o |
Communism | A political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curt |
Traditional | A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. |
scarcity | Having unlimited wants in a world of limited resources. |
Macroeconomics | Large-scale or general economic factors, such as interest rates and national productivity. |
utility | how well something satisfies someones needs |
Microeconomics | Part of economics concerned with the effects of single entity and individual decisions. |