Economic Systems and Theories

These flashcards cover key concepts related to economic systems, philosophies around government involvement, and the rights associated with property as discussed in the lecture.

Economic Systems

Frameworks for determining production and distribution in a society.

Production

The process of creating goods and services.

Distribution

The process of delivering produced goods to consumers.

Traditional Approach

An economic system based on local practices and community responsibilities.

Command Approach

An economic system where a central authority regulates production and distribution.

Free Market

An economic system that minimizes government involvement in business.

Hybrid Economic System

An economic model that combines elements of free market and government regulation.

Social Visions

Different theoretical frameworks regarding economic production and distribution.

John Locke

An English philosopher advocating for natural rights, including liberty and property.

Utilitarianism

A philosophy emphasizing actions that promote the greatest happiness for the greatest number.

Property Rights

Theoretical rights individuals hold over their possessions and resources.

State of Nature

A theoretical condition where individuals exist without government and its regulations.

Bundle of Rights

A legal term referring to the various rights associated with property ownership.

Eminent Domain

The right of the government to take private property for public use, with compensation.

Thomas Aquinas

A philosopher who argued for private property as a social construct beneficial to society.