Economic and Political Systems Flashcards

Flashcards about different Economic and political systems.

__ is a system where hierarchy, wealth, power and protection is established based on the ownership of land.

Feudalism

Land-Based Economy, Hierarchy, and Serfdom are key features of __.

Feudalism

__ is the economic system tied to feudalism, centered on self-sufficient agricultural estates or manors as the basic unit of production.

Manorialism

Self-Sufficiency, Peasant Labor: and Limited Trade are key features of __.

Manorialism

__ is an economic policy focused at increasing the national wealth through strict government control of trade.

Mercantilism

Colonialism, Favorable Balance of Trade, and Government Intervention are key features of __.

Mercantilism

__ is an economic system where private individuals or corporations own the means of production and operate for profit.

Capitalism

Market Economy, Innovation and Competition, and Uneven Wealth Distribution are key features of __.

Capitalism

__ is a system advocating public or collective ownership of the means of production to reduce economic inequality.

Socialism

Economic Planning, Redistribution of Wealth and Taxation are key features of __.

Socialism

__ is a system advocating for a classless society where all property and resources are communally owned.

Communism

Abolition of Private Property and Centralized Economic Control are key features of __.

Communism

__ combines elements of capitalism and socialism, blending private enterprise with government intervention.

Mixed Economies

Private and Public Sectors and Regulation are key features of __.

Mixed Economies

__ is an economy where production and distribution of goods are entirely controlled by the government.

Command Economies

Centralized Control and Lack of Competition are key features of __.

Command Economies

__ is an economic system relying on market forces such as competition of privately owned businesses to determine production and prices.

Free Market Economies

Economic Freedom, Consumer Choice, and Inequalities and Failures are key features of __.

Free Market Economies

__ is the increasing interconnection and interdependence of economies, cultures, and societies worldwide through trade, investment, and culture.

Globalization

Trade Integration, Technology, and Cultural Exchange are key features of __.

Globalization