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Strand 1 - Economics

Financial Lit. P7

TermDefinition
Market Economic system which production/prices are determined by unrestricted competition between privately owned businesses.
Command Economy which production/investment/prices/incomes are determined centrally by a government.
Mixed Economic system combining private and public enterprises.
Traditional Culturally influenced.
Capitalism Economic/political system in which countries trade and industry are controlled by private owners.
Laissez-Faire Government absence from interference in the working of free market(s).
Social market Marketing which focuses on influencing behavior with primary goals of "common good".
Neo-Capitalism Economic ideologies which makes corrections of excesses by applying various measures to help a country's social well-being.
Socialism Economic/political 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.
Communism Economic/political 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 curtailed.
Fascism 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 of
Scarcity Having unlimited wants in a world of limited resources.
Utility The wellness of something that can satisfy needs/wants.
Macroeconomics Large-scale or general economic factors, such as interest rates and national productivity.
Microeconomics Part of economics concerned with the effects of single entity and individual decisions.
Created by: cam_barber
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