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strand 1

economic systems

TermDefinition
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.
Created by: Bosscott000
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