Enhance Your Learning with Political Economy - Economic Systems Flash Cards for quick learning
The study of how economic systems and political institutions interact and influence each other.
An economic system characterized by private ownership of resources and the means of production, and the pursuit of profit.
An economic system where the means of production are owned and controlled by the state or the community as a whole.
A political and economic ideology advocating for the common ownership of resources and the absence of social classes.
An economic system that combines elements of both capitalism and socialism, with a mix of private and state ownership.
An economic system where decisions regarding production, investment, and distribution are based on supply and demand in the market.
An economic system where the government controls all aspects of production, distribution, and pricing.
An economic system based on customs, traditions, and rituals, where economic decisions are often made by elders or community leaders.
An economic ideology that emphasizes free markets, deregulation, and limited government intervention in the economy.
An economic theory that advocates for government intervention in the economy to stabilize output and employment levels.
An economic theory based on the ideas of Karl Marx, emphasizing the role of class struggle and the need for a socialist revolution.
An economic theory that focuses on the role of money supply in influencing economic activity and inflation.
The use of government spending and taxation to influence the economy, particularly in relation to aggregate demand and economic growth.
The use of central bank policies, such as interest rates and money supply, to control inflation and stabilize the economy.
Government policies that regulate international trade, including tariffs, quotas, and trade agreements.
The way in which income is divided among individuals or households in a country or economy.
The unequal distribution of assets and wealth among individuals or groups in a society or economy.
The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas.
The process by which a country improves the economic, political, and social well-being of its people.
An increase in the production of goods and services in an economy over a period of time.
The state of being extremely poor, with a lack of access to basic necessities and resources.
The state of being without a job, often measured as a percentage of the labor force.
A sustained increase in the general price level of goods and services in an economy over a period of time.
Statistics and data used to measure and analyze the performance of an economy, such as GDP, unemployment rate, and inflation rate.
The analysis and comparison of different economic systems, such as capitalism, socialism, and communism.
Goods and services that are non-excludable and non-rivalrous, provided by the government for the benefit of society as a whole.
The unintended consequences of economic activities that affect third parties, either positively or negatively.
Situation where the allocation of goods and services by a free market is inefficient, leading to a suboptimal outcome.
Actions taken by the government to influence or control economic activities, such as regulations, subsidies, and taxes.
Government rules and requirements imposed on businesses and individuals to ensure fair competition and protect public interest.
The levying of taxes on individuals and businesses by the government to generate revenue for public expenditure.
Government spending on goods, services, and infrastructure, financed through taxes and other sources of revenue.
A system where the government plays a key role in promoting the well-being and social security of its citizens through social policies and programs.
The market where workers and employers interact to determine wages, working conditions, and employment levels.
The exchange of goods and services between countries, often regulated by trade policies and agreements.
The study of financial transactions and flows between countries, including foreign investment, exchange rates, and international banking.
The process of combining economic policies and systems among different countries or regions, often through trade agreements and common markets.
Government actions and measures aimed at influencing or managing the economy, such as fiscal and monetary policies.
Systematic frameworks and models used to explain and understand economic phenomena and behavior.
Simplified representations of economic systems or processes, used to analyze and predict economic behavior and outcomes.
The process of making predictions or estimates about future economic conditions, trends, and indicators.
The study of past economic events, systems, and policies, often used to gain insights and lessons for the present and future.
Sets of beliefs and values that shape economic thinking and policy-making, such as liberalism, conservatism, and socialism.
Changes and adjustments made to economic systems, policies, and institutions to improve efficiency, productivity, and overall performance.
A severe disruption or downturn in the economy, often characterized by high unemployment, financial instability, and negative growth.
The ability of an economy to maintain long-term growth and development while preserving natural resources and minimizing negative environmental impacts.