The Economy and Politics

Economy

The social institution determining production, distribution, and consumption of goods and services in a society.

Work

Physical or mental activity producing goods or services, necessary for basic life needs.

Surplus

Production beyond survival needs for purposes like accumulating wealth, luxury goods, or trade.

Wealth

Accumulation of valuable resources for reasons such as security, prestige, power, or improved living standards.

Trade

Method redistributing surpluses for mutual benefit, often involving barter or currency exchange.

Feudalism

Medieval economic system where peasants exchanged labor for protection from landowning warriors.

Mercantilism

Colonial era system where nations established colonies to enrich themselves, treating empires as businesses.

Capitalism

Economic system with private wealth investment for profit, guided by supply and demand forces.

Monopoly

Market domination by one entity, while oligopoly is domination by a few; corporations share risk and reward.

Globalization

Spread of investment, trade, and technology worldwide; offshoring cuts costs, deindustrialization reduces manufacturing.

Socialism

Economic system with public ownership of goods, collective goals, and no profit motive, contrasting with capitalism.

Communism

Political-economic system aiming for societal equality, often authoritarian, with state control of resources.