Economic Systems
Definition
The term 'economic systems' refers to the way a society organizes and manages its resources, production, distribution, and consumption of goods and services.
Related terms
Capitalism: An economic system where private individuals or businesses control the means of production (such as factories or farms) for profit.
Mercantilism: An economic theory that promotes governmental regulation of a nation's economy to increase its wealth through exports while limiting imports.
Feudalism: An economic system in which land is owned by nobility who grant access to peasants in exchange for labor or other services.
"Economic Systems" appears in:
Subjects (5)
Practice Questions (5)
How did the economic systems of the New England colonies differ from those in the Southern colonies during the 17th century?
How did the economic systems differ between Spanish colonies and English colonies during the 17th century?
How did the Transatlantic Trade alter economic systems in Europe?
How did differing economic systems contribute to rising tensions between Northern and Southern states prior to the Civil War?
How did innovations such as railroads contribute to changes in economic systems during the late nineteenth-century industrial expansion?
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