Economic & Social Terms

Poverty

A condition in which individuals lack the financial means to afford basic necessities like food, shelter, and healthcare.

Socialist Command Economy

An economic system where the government centrally controls resources, production, and distribution, aiming for equal distribution of wealth.

Inflationary Impact

The effect of rising prices on the economy, which reduces the purchasing power of money over time.

Opportunity Cost

The value of the next best alternative given up when a choice is made.

Unconscious Bias

Automatic, often unrecognized beliefs or stereotypes that affect behavior and decisions.

Racism

Discrimination or prejudice based on race, leading to unequal treatment and opportunities.

Bias

A preference or inclination that can unfairly favor one group, idea, or person over another.

Discrimination

Unjust treatment of individuals based on characteristics such as race, gender, or age.

Prejudice

Preconceived negative judgments or attitudes toward individuals or groups, typically without valid reasons.

Equal Distribution of Wealth

The aim of a socialist command economy where resources are shared to achieve economic equality.