A country's economy depends on its fiscal and monetary policies. Generally, four types of economy are seen— capitalism, socialism, mixed economy, and traditional economy. Capitalism is a system where laissez-faire policy is followed, meaning the government intervenes very little. It has more privatization and commodification, which emphasizes individual ownership. On the other hand, in socialism the government uses nationalization and redistribution processes, so that wealth can be shared equally. Here there is more interventionism in the market and subsidy is provided in many sectors. In a mixed economy, deregulation and government interventionism work together, where the government operates some sectors and the private sector controls some. In traditional economy, generally barter system is prevalent, where goods and services are used as medium of exchange. Therefore, each economic system has its own advantages and disadvantages and appropriate policies are needed to maintain a country's equilibrium.
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Emoji
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Word | Meaning | Example Sentence | Synonyms | Antonyms |
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#3070
💰
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economy
/ɪˈkɒn.ə.mi/
noun
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The system of production, distribution, and consumption of goods and services in a country or region.
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The country's economy is growing rapidly. |
Financial System, Market, Trade
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Stagnation, Recession, Instability
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#3071
📊
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fiscal
/ˈfɪs.kəl/
adjective
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Related to government revenue, especially taxes and government spending.
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The government introduced new fiscal policies. |
Budgetary, Financial, Economic
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Non-financial, Unrelated, Irrelevant
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#3072
💱
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monetary
/ˈmʌn.ɪ.tri/
adjective
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Related to money, currency, and financial control by central banks.
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The central bank controls monetary policy. |
Financial, Economic, Banking
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Non-monetary, Barter, Non-financial
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#3073
🏭
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capitalism
/ˈkæp.ɪ.təl.ɪ.zəm/
noun
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An economic system based on private ownership and free market competition.
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Capitalism promotes competition and private ownership. |
Free Market, Private Enterprise, Laissez-faire
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Socialism, Communism, Collectivism
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#3074
🤝
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socialism
/ˈsəʊ.ʃəl.ɪ.zəm/
noun
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An economic system where the means of production are owned by the state or community.
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In socialism, resources are distributed equally among citizens. |
Collectivism, Public Ownership, State Control
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Capitalism, Free Market, Privatization
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#3075
⚖️
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mixed economy
/mɪkst ɪˈkɒn.ə.mi/
noun
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An economic system where both government and private sector operate together.
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Most countries today follow a mixed economy model. |
Hybrid System, Regulated Market, Balanced Economy
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Pure Capitalism, Pure Socialism, Command Economy
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#3076
🌾
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traditional economy
/trəˈdɪʃ.ən.əl ɪˈkɒn.ə.mi/
noun
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An economic system based on customs and traditions, often involving barter trade.
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Tribes still practice a traditional economy based on barter trade. |
Subsistence Economy, Barter System, Rural Economy
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Industrial Economy, Modern Economy, Market Economy
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#3077
🚫
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laissez-faire
/ˌlɛ.seɪ ˈfɛər/
noun
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An economic policy where government does not intervene in business affairs.
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Laissez-faire policies encourage private enterprise. |
Free Market, Non-Interventionism, Hands-off Approach
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Regulation, Government Control, Socialism
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#3078
🏢
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privatization
/ˌpraɪ.və.taɪˈzeɪ.ʃən/
noun
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The transfer of ownership from government to private sector.
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The government initiated privatization of the energy sector. |
Deregulation, Free Market Reform, Corporate Takeover
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Nationalization, State Ownership, Socialization
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#3079
🛒
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commodification
/kəˌmɒd.ɪ.fɪˈkeɪ.ʃən/
noun
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The transformation of goods, services, ideas, or social relations into market commodities.
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The commodification of education has increased tuition costs. |
Commercialization, Marketization, Productization
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Decommodification, Non-commercialization, Public Good
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#3080
🏛️
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nationalization
/ˌnæʃ.ən.ə.laɪˈzeɪ.ʃən/
noun
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The transfer of private property or business to government ownership.
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The nationalization of banks increased state control over finance. |
State Ownership, Public Control, Government Takeover
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Privatization, Deregulation, Free Market
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#3081
♻️
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redistribution
/ˌriː.dɪs.trɪˈbjuː.ʃən/
noun
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The sharing of wealth or resources more equally among society.
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The government introduced a redistribution policy to reduce inequality. |
Reallocation, Reassignment, Reapportionment
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Concentration, Hoarding, Retention
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#3082
🎯
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interventionism
/ˌɪn.təˈvɛn.ʃə.nɪ.zəm/
noun
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Government policy of active involvement in economic affairs.
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The central bank's interventionism helped stabilize inflation. |
Regulation, Government Control, Market Oversight
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Laissez-faire, Non-intervention, Free Market
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#3083
💸
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subsidy
/ˈsʌb.sɪ.di/
noun
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Financial assistance provided by government to reduce costs of goods or services.
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The government provides a fuel subsidy to control prices. |
Grant, Financial Aid, Support
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Taxation, Cost Increase, Cutback
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#3084
🔓
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deregulation
/ˌdiː.rɛɡ.jʊˈleɪ.ʃən/
noun
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The removal or reduction of government rules and restrictions in business.
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Deregulation allows businesses to operate with fewer restrictions. |
Liberalization, Free Market Reform, Privatization
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Regulation, Government Oversight, Interventionism
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#3085
🔄
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barter system
/ˈbɑːr.tər ˌsɪs.təm/
noun
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A system of exchange where goods and services are traded directly without using money.
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Ancient civilizations used the barter system for trade. |
Exchange System, Trade-by-Barter, Swap Economy
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Monetary System, Cash Economy, Capitalism
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#3086
🏗️
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economic system
/ˌiː.kəˈnɒm.ɪk ˈsɪs.təm/
noun
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The organized framework for production, distribution, and consumption of goods and services in society.
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Capitalism, socialism, and mixed economies are types of economic systems. |
Financial Structure, Market System, Political Economy
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Disorder, Anarchy, Unstructured Market
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#3087
⚖️
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equilibrium
/ˌiː.kwɪˈlɪb.ri.əm/
noun
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A state of balance between economic supply and demand, or between different economic forces.
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The market reached equilibrium when supply met demand. |
Balance, Stability, Steadiness
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Disequilibrium, Instability, Imbalance
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