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Economic systems

TermDefinition
Labor
Land/Resources
Capital
Entrepreneurship
Private goods
Rival goods
Public goods
Non-rival goods
Common goods
Club goods
Capatilism An economic and political system in which a country's trade and industry are controlled by private owners for profit.
Communism
Laissez-Faire Absence of governments from interfering in the workings of the free market.
Traditional market relies on habit/customs/rituals
Market economy determined by consumers
Command economy determined by government
Mixed economy Mix of market, command, and traditional economy
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.
Facism 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 of opposition.
Created by: boydfinlit.com
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