The world's economic systems are mainly of two types—market economy and command economy. In a capitalism-based market economy, individual ownership and consumerism play important roles, where business and commodity prices are determined according to demand and elasticity.
On the other hand, in a command economy, economic principles are governed by centralization, where the government performs nationalization of resources and controls major industries. Bureaucracy is more prevalent here, which sometimes slows down development.
In a market economy, businesses have more freedom through privatization and deregulation, where fiscal and monetary policies become business-friendly. However, this can increase disparity between rich and poor.
On the other hand, in a command economy, the government tries to meet people's basic needs through subsidization, but this can create inflationary pressure.
Therefore, making the right trade-off in economics is important, so that equilibrium is maintained and scarcity is reduced.
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Emoji
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Word | Meaning | Example Sentence | Synonyms | Antonyms |
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#2523
📈
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market economy
ˈmɑːr.kɪt ɪˈkɒn.ə.mi
noun
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An economic system where production and pricing decisions are controlled by individuals and based on supply and demand.
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A market economy allows businesses to compete freely. |
Free Market, Capitalist Economy, Laissez-faire System
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Command Economy, Planned Economy, State-controlled Economy
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#2524
🏛️
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command economy
kəˈmɑːnd ɪˈkɒn.ə.mi
noun
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An economic system where economic activities are controlled by the government.
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In a command economy, the government controls production and prices. |
Planned Economy, State-controlled Economy, Centralized Economy
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Free Market Economy, Capitalism, Deregulated Economy
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#2525
💰
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capitalism
ˈkæp.ɪ.təl.ɪ.zəm
noun
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An economic system where trade, industry and production are privately owned and operated for profit.
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Capitalism encourages innovation and competition. |
Free Enterprise, Market System, Private Ownership
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Socialism, Communism, Collectivism
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#2526
🛒
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consumerism
kənˈsjuː.mə.rɪ.zəm
noun
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The tendency to increase consumption of goods and the importance given to consuming products.
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Modern consumerism leads to increased demand for luxury goods. |
Materialism, Mass Consumption, Commercialism
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Minimalism, Frugality, Anti-consumption
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#2527
📦
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commodity
kəˈmɒd.ə.ti
noun
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A raw material or primary agricultural product that can be bought and sold.
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Oil is a valuable commodity in the global market. |
Goods, Merchandise, Trade Product
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Non-tradable Item, Service, Liability
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#2528
📊
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elasticity
ɪˌlæˈstɪs.ə.ti
noun
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The responsiveness of demand or supply to changes in price.
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The elasticity of demand for luxury goods is high. |
Responsiveness, Flexibility, Adaptability
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Rigidity, Inflexibility, Inelasticity
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#2529
🎯
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centralization
ˌsɛn.trə.laɪˈzeɪ.ʃən
noun
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The concentration of control and decision-making power in a central authority.
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Excessive centralization can slow down decision-making. |
Concentration, Central Control, Consolidation
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Decentralization, Distribution, Delegation
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#2530
🏛️
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nationalization
ˌnæʃ.ən.ə.laɪˈzeɪ.ʃən
noun
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The process of a government taking control of private property or industry.
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The nationalization of banks was aimed at stabilizing the economy. |
State Ownership, Public Control, Government Takeover
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Privatization, Deregulation, Free Marketization
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#2531
📋
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bureaucracy
bjʊəˈrɒk.rə.si
noun
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A complex administrative system where strict rules and procedures are followed.
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Excessive bureaucracy can slow down government decision-making. |
Administration, Red Tape, Officialdom
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Efficiency, Simplicity, Flexibility
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#2532
🏢
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privatization
ˌpraɪ.və.taɪˈzeɪ.ʃən
noun
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The transfer of ownership of an organization or property from government to private sector.
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The privatization of industries has led to increased efficiency. |
Private Ownership, Commercialization, Deregulation
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Nationalization, Public Ownership, State Control
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#2533
🔓
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deregulation
ˌdiːˌrɛɡ.jʊˈleɪ.ʃən
noun
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The removal or reduction of government regulations in an economic sector.
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Deregulation has increased competition in the telecommunications sector. |
Liberalization, Free Market, Removal of Restrictions
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Regulation, Control, Government Intervention
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#2534
💸
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fiscal
ˈfɪs.kəl
adjective
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Related to government revenue, taxation and expenditure.
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The government introduced fiscal policies to control inflation. |
Financial, Budgetary, Economic
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Non-financial, Extraneous, Unrelated
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#2535
🏦
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monetary
ˈmʌn.ɪ.tri
adjective
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Related to money system and central bank policies.
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The central bank regulates monetary policies to stabilize the economy. |
Financial, Economic, Money-related
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Non-monetary, Barter-based, Non-financial
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#2536
⚖️
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disparity
dɪˈspær.ə.ti
noun
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A difference in wealth, opportunities or facilities.
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The income disparity between rich and poor is increasing. |
Inequality, Imbalance, Disproportion
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Equality, Balance, Uniformity
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#2537
💰
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subsidization
ˌsʌb.sɪ.dɪˈzeɪ.ʃən
noun
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Financial assistance provided by government to make certain goods or services more affordable.
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Subsidization of agriculture helps farmers maintain crop production. |
Financial Aid, Grant, Public Funding
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Taxation, Cost-cutting, Self-sufficiency
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#2538
📈
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inflationary
ɪnˈfleɪ.ʃə.ner.i
adjective
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An economic condition where prices of goods increase.
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The country is facing inflationary pressure due to increased demand. |
Price-rising, Cost-increasing, Economic Growth-related
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Deflationary, Price-stabilized, Non-inflationary
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#2539
🔄
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trade-off
ˈtreɪd.ɒf
noun
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A situation where accepting one advantage means giving up another benefit.
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There is always a trade-off between price and quality. |
Compromise, Exchange, Sacrifice
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Retention, Gain without Loss, Absolute Choice
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#2540
⚖️
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equilibrium
ˌiː.kwɪˈlɪb.ri.əm
noun
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A balanced state between supply and demand.
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The market reached an equilibrium where supply met demand. |
Balance, Stability, Steadiness
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Imbalance, Instability, Disproportion
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#2541
⚠️
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scarcity
ˈskeə.sɪ.ti
noun
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The state of being scarce or in short supply when demand exceeds supply.
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Water scarcity is a major global issue. |
Shortage, Deficiency, Lack
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Abundance, Surplus, Plenty
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