The study of how different economic systems (e.g. capitalism, socialism, communism) are organized, and how they affect economic behavior and outcomes.
Capitalism: An economic system in which individuals and businesses own and operate production resources for profit.
Socialism: An economic system in which the state owns and controls production resources.
Mixed economy: An economic system in which the government and the private sector both play a role in resource allocation.
Market economy: An economic system in which resources are allocated by supply and demand in a free market.
Command economy: An economic system in which resources are allocated by central planning and control.
Economic institutions: The organizations, laws, and cultural norms that influence economic behavior.
Property rights: The legal framework that allows individuals to own and use resources.
Globalization: The integration of economies across borders through trade, investment, and migration.
Economic inequality: The unequal distribution of resources and opportunities within a society.
Economic development: The process by which a country's economy grows and improves over time.
Market failures: Situations in which the market fails to efficiently allocate resources.
Comparative advantage: The principle that states should specialize in the production of goods and services that they can produce most efficiently.
Economic growth: The increase in output and productivity over time.
Economic systems analysis: The study of how economic systems function and interact with other social, political, and cultural institutions.
State capitalism: An economic system in which the state plays a dominant role in resource allocation and market activity.
Welfare state: A state that provides a range of social services and support to its citizens.
Industrialization: The transformation of an economy from primarily agricultural to primarily industrial.
Economic planning: The process of setting economic goals and designing policies to achieve them.
Entrepreneurship: The creation and management of new businesses and enterprises.
Economic policy: The government's strategies and actions to influence the economy.
Capitalism: Is an economic system characterized by private ownership of property, free market exchange, and profit-maximizing behavior by individuals and firms.
Socialism: Is an economic system characterized by collective ownership and control of the means of production and distribution, absence of markets, and central planning.
Communism: Is an economic and political system characterized by the absence of private property ownership, central economic planning, and the goal of creating a classless society.
Mixed economy: Is an economic system that incorporates characteristics of both capitalism and socialism, with market forces coexisting alongside government regulation and intervention.
Market socialism: Is an economic system that combines the principles of socialism and market structure, offering a market for products and services while collectively controlling the means of production.
Democratic socialism: Is a political and economic system that combines democratic political processes with socialist economic policies, with the goal of achieving social and economic equality.
State capitalism: Is an economic system where the state has primary control over the means of production and distribution, with the market being subordinated to government planning.
Feudalism: Is an economic system that existed in the medieval period based on the relationship between lords and vassals, with the majority of the production and distribution being done through the lord's control.
Mercantilism: Is an economic system that emerged in Europe in the 16th century, characterized by government control of foreign trade and accumulation of precious metals by the state.
Islamic banking and finance system: Is an economic system based on sharia law and Islamic principles, such as interest-free lending and a prohibition of speculation and gambling.
Gift economy: Is an economic system where goods and services are exchanged without a formal market, often based on social relationships, gratitude or obligation.
Barter economy: Is an economic system where transactions are conducted through direct exchange of goods and services without the use of money.