Logo
Pattern

Discover published sets by community

Explore tens of thousands of sets crafted by our community.

Economic Systems Across Cultures

20

Flashcards

0/20

Still learning
StarStarStarStar

Market Economy

StarStarStarStar

An economic system where supply and demand determine prices. Examples include the United States and Singapore.

StarStarStarStar

Socialist Economy

StarStarStarStar

Characterized by social ownership and cooperative management of the means of production. Examples include Cuba and Bolivia.

StarStarStarStar

Gig Economy

StarStarStarStar

A free-market system where temporary positions are common and organizations hire independent workers for short-term commitments. An example includes the rise of platforms like Uber and Upwork.

StarStarStarStar

Barter Economy

StarStarStarStar

An economic system where goods and services are directly exchanged without using money. Historic examples include ancient communities before the advent of currency.

StarStarStarStar

Gift Economy

StarStarStarStar

A system where valuable goods and services are regularly given without any explicit agreement for immediate or future rewards. Example: Potlatch among Native Americans.

StarStarStarStar

Green Economy

StarStarStarStar

An economy that aims at reducing environmental risks and ecological scarcities. An example would be countries focusing on renewable energy and sustainable practices.

StarStarStarStar

Mixed Economy

StarStarStarStar

Features characteristics of both market and command economies. Examples include modern-day United Kingdom and Germany.

StarStarStarStar

Reciprocity

StarStarStarStar

A mutual exchange system practiced in small-scale societies. Example societies include the !Kung and Trobriand Islanders.

StarStarStarStar

Feudal Economy

StarStarStarStar

Based on the ownership of land by a ruling class and the labor of serfs. Examples from history include Medieval Europe and Japan during the Edo period.

StarStarStarStar

Traditional Economy

StarStarStarStar

Relies on customs, history, and time-honored beliefs. Examples include the Amish community and indigenous tribes.

StarStarStarStar

Redistribution

StarStarStarStar

A central authority collects goods or wealth and redistributes them. Examples include the Inca Empire and the kingdoms of Hawaii.

StarStarStarStar

Command Economy

StarStarStarStar

An economy where production, investment, prices, and incomes are determined by a government. Examples include North Korea and the former Soviet Union.

StarStarStarStar

Informal Economy

StarStarStarStar

Economic activities that are not monitored by the government and escape taxation. Examples include street vendors and unregistered businesses in many developing countries.

StarStarStarStar

Solidarity Economy

StarStarStarStar

Based on cooperative practices and mutual aid with a focus on social wellbeing over profit. Examples include cooperatives, fair trade organizations, and community-supported agriculture.

StarStarStarStar

Digital Economy

StarStarStarStar

An economy based on digital technologies, including electronic commerce and the internet. Examples include Silicon Valley tech companies and e-commerce giants like Amazon.

StarStarStarStar

Cryptocurrency Economy

StarStarStarStar

An emerging economy based on the use of decentralized digital assets like Bitcoin or Ethereum. Examples include emerging markets and communities focusing on blockchain technology.

StarStarStarStar

Participatory Economy

StarStarStarStar

An economic system where the production and distribution of goods are guided by public participation. Examples are hypothetical as this system is a proposal by economists like Robin Hahnel.

StarStarStarStar

State Capitalism

StarStarStarStar

An economic system in which the state undertakes commercial economic activity, and where the means of production are organized and managed as state-owned enterprises. Examples include China and the United Arab Emirates.

StarStarStarStar

Circular Economy

StarStarStarStar

An economic system that aims to minimize waste and make the most of resources. This approach is employed by companies which focus on sustainability and reuse.

StarStarStarStar

Knowledge Economy

StarStarStarStar

Based predominantly on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advancement. Examples include the Massachusetts Route 128 corridor and Silicon Valley.

Know
0
Still learning
Click to flip
Know
0
Logo

© Hypatia.Tech. 2024 All rights reserved.