Economics (EOC pack pg 1)

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Capitalism

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An economic system where private individuals own and control property and businesses.

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Laissez Faire

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An economic philosophy of free-market capitalism that opposes government intervention.

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Socialism

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An economic system where the means of production are owned and controlled by the state or public.

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Mixed Economies

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Economic systems that combine elements of capitalism and socialism, featuring both private and state involvement.

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Monetary Policy

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The process by which a central bank manages a country's money supply and interest rates to achieve economic objectives.

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Fiscal Policy

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Government policies regarding taxation and spending to influence the economy.

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Opportunity Cost

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The loss of potential gain from other alternatives when one alternative is chosen.