An economic system where private ownership, profit moti ve, and market competition play central roles, facilitating individual and corporate economic gain.
The foundational questions that address what a society decides to produce, the methods used for production, and the distribution of the products among its members.
A self-sufficient economic system where all production and consumption activities occur within the confines of the system, with no external trade (importing or exporting).
Communism, in theory, refers to the anti-capitalist proposals of Karl Marx and his followers advocating for communal ownership of the means of production. In practice, it describes economic systems where production facilities are state-owned and production decisions are made by official policies rather than market actions.
A controlled economy is a type of economic system where the government exerts significant control over production, distribution, and consumption of goods and services, rather than relying on market forces. This model is often associated with socialist and communist economies.
Crony capitalism refers to an economic system characterized by close, mutually advantageous relationships between business leaders and government officials.
A recognizable and cohesive group of economic performers, including producers, labor, and consumers, who interact largely together in a geographically or industry-defined space.
Free Enterprise refers to the economic system wherein businesses are allowed to operate with minimal government intervention, guided primarily by the forces of supply and demand.
A market economy is an economic system in which the production and prices of goods and services are determined by competition among privately owned businesses.
Market socialism refers to an economic system that combines elements of socialism with market mechanisms, where the government owns the means of production and directs investment, but distributes goods and services according to consumer demand and supply.
A comprehensive overview of Marxism, detailing the political, social, and economic theories of Karl Marx. Examines applications in communist and socialist economies.
An economic system combining private and public enterprise, where both market forces and government intervention are used to determine the allocation of resources and prices.
Modeling refers to designing and manipulating a mathematical representation that simulates an economic system or corporate financial application to study and forecast the effects of changes.
A price system is an economic mechanism in which market-determined prices guide the allocation of resources, typically seen in capitalist economies.
A pure-market economy is an economic system in which the forces of supply and demand determine the production, distribution, and consumption of goods and services, with little to no government intervention.
Socialism is an economic system characterized by government ownership or control over the major critical industries, while allowing collective ownership and some private ownership in less critical sectors like agriculture and services.
An economy dominated by methods and techniques that have strong social support even though they may be old-fashioned or out of date.
