Studied by 4 people
Feudalism
A system where hierarchy, wealth, power and protection is established based on the ownership of land.
Land-Based Economy
land was owned by lords and they granted fiefs to vassals in exchange for military service.
Manorialism
The economic system tied to feudalism, centered on self-sufficient agricultural estates or manors as the basic unit of production.
Self-Sufficiency
Each manor produced everything it needed such as food, tools, and clothing.
Mercantilism
An economic policy focused at increasing the national wealth through strict government control of trade.
Colonialism
Colonies supplied raw materials and served as exclusive markets for the country.
Capitalism
An economic system where private individuals or corporations own the means of production and operate for profit.
Market Economy
Prices and production are determined by supply and demand.
Socialism
A system advocating public or collective ownership of the means of production to reduce economic inequality.
Taxation
Taxes are use for extensive social welfare programs and public services.
Communism
A system advocating for a classless society where all property and resources are communally owned.
Abolition of Private Property
Eliminate private ownership and focus on collective ownership.
Mixed Economies
Combines elements of capitalism and socialism, blending private enterprise with government intervention.
Private and Public Sectors
Coexist to balance economic freedom, inequalities, and social welfare
Command Economies
An economy where production and distribution of goods are entirely controlled by the government.
Centralized Control
The state sets production targets, prices, and resource allocation that often leads to inefficiencies and shortages.
Free Market Economies
An economic system relying on market forces such as competition of privately owned businesses to determine production and prices.
Economic Freedom
Businesses operate with minimal government intervention.
Globalization
The increasing interconnection and interdependence of economies, cultures, and societies worldwide through trade, investment, and culture.
Trade Integration
Growth of international trade and multinational corporations.
Significant Economic systems
Feudalism
Manorialism
Mercantilism
Capitalism
Socialism
Communism
Mixed Economies
Command Economies
Free Market Economies
Globalization
Note 
Flashcard (28)