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vocabulary

TermDefinition
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 Market 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.
Socialism 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.
Created by: mckenzieknorr23
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