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8 Terms
Economics
A social science concerned with the production, distribution, and consumption of goods and services.
Types of Economics
Includes microeconomics (study of individual markets) and macroeconomics (study of the economy as a whole).
Capitalism
An economic system characterized by private or corporate ownership of capital goods and investments and production determined by competition in a free market.
Advantages of Capitalism
Promotes innovation, consumer choice, and efficiency through competition.
Laissez-faire
An economic principle where the government plays little to no part in the economy, advocating minimal interference.
Impact of Laissez-faire
Can lead to increased economic freedom and growth, but may also create inequalities.
Socialism
Economic and political theories advocating collective or governmental ownership of the means of production and distribution of goods.
Forms of Socialism
Includes democratic socialism (political democracy alongside social ownership) and revolutionary socialism (seeking radical change).
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