Economic Systems

noun a person who advocates for agrarian policies or practices

adjective relating to land, especially in regards to agriculture

• The agrarian society relied heavily on farming as the main source of livelihood.
• My grandparents grew up in an agrarian community where everyone knew each other.
• Back in the day, being an agrarian was the cool thing to do.
• The company's approach to business was described as agrarian, focusing on nurturing growth and development.

noun a person who has capital, especially extensive capital, invested in business enterprises

adjective pertaining to or characteristic of capitalism or capitalists

• The capitalist society promotes individual ownership of goods and services.
• Some people think that capitalist countries have the best opportunities for success.
• I heard that dude is a hardcore capitalist, always looking out for number one.
• In the world of business, he is known as a capitalist shark, always looking to make a profit.

noun a political or economic theory advocating collective control especially over production and distribution

• Collectivism is a political theory that emphasizes the collective control over production and distribution.
• In collectivism, the needs of the group are prioritized over individual desires.
• Some people think collectivism is just a fancy word for communism.
• In a society built on collectivism, everyone works together like pieces of a puzzle to achieve common goals.

noun an economic and political system in which all property is publicly owned and each person works and is paid according to their abilities and needs

• Communism is a political and economic ideology that seeks to establish a classless society.
• Some people think communism is a good idea in theory, but difficult to implement in practice.
• Communism is like sharing everything with your friends, but on a national scale.
• In the business world, some see monopolies as a form of economic communism where one entity controls everything.

noun a person who supports or believes in the principles of communism

adjective relating to or characteristic of communism

• The Communist party in the country is gaining popularity among the working class.
• My grandpa used to be a Communist back in the day.
• Don't listen to him, he's just a crazy Communist.
• The idea of sharing everything equally is like a Communist dream.

adjective describing something related to or characteristic of communism

• The communistic ideology promotes the idea of a classless society.
• Some people believe that communistic principles can lead to equality for all.
• I heard he's into that whole communistic thing, trying to redistribute wealth and all.
• The team's communistic approach to sharing responsibilities helped them achieve their goal together.

verb to make something or a group of people operate under communal ownership or control

• The government's goal is to communize the means of production.
• Let's communize our resources to make the project successful.
• We should all chip in and communize our snacks for the road trip.
• The artist sought to communize the emotions of the audience through their performance.

noun an economic system in which private business operates in competition and largely free of state control.

adjective not under the control or in the power of another; able to act or be done as one wishes.

• Free enterprise allows individuals to freely engage in economic activities without government interference.
• In a free enterprise system, people can start their own businesses and compete in the market.
• You gotta love the opportunities that come with free enterprise, man.
• The artist's creativity flourished in the free enterprise of his own mind.

noun the theories and practices associated with Karl Marx and Friedrich Engels

• Marxism is a social, political, and economic theory originated by Karl Marx.
• Some people believe in the principles of Marxism as a way to understand society.
• I'm not really into all that Marxism stuff, it's too heavy for me.
• In the world of business, some see competition as a reflection of Marxist ideology.

noun a political and economic theory advocating for collective or governmental ownership and administration of the means of production and distribution of goods

• Socialism is an economic and political system where the means of production are owned and controlled by the state.
• Some people believe that socialism can help create a more equal society.
• I heard that guy is a hardcore socialist, always talking about workers' rights.
• In a way, sharing your toys with your friends is a form of socialism.

adjective relating to or advocating socialism

• The government implemented socialistic policies to promote income equality.
• Some people believe that socialistic ideas are the solution to societal problems.
• I'm not a fan of that socialistic stuff, it's too controlling.
• Her approach to sharing resources was almost socialistic in nature, ensuring everyone had an equal share.

noun a theory or movement advocating this system

• Syndicalism is a political and economic system based on the organization of labor unions.
• I heard that syndicalism is all about workers controlling the means of production.
• Some people think syndicalism is just a fancy word for workers sticking it to the man.
• In a way, syndicalism can be seen as a form of economic democracy within the workplace.

noun A farmer who works on land owned by someone else and pays rent in cash or a portion of the produce.

• The tenant farmer was responsible for cultivating the land and paying rent to the landowner.
• The tenant farmer works hard on the farm and rents the land from someone else.
• The tenant farmer is basically renting the farm to grow crops.
• Being a tenant farmer in life means you are constantly working for someone else's benefit.

noun a person or country in a subordinate position to a superior ruler or overlord

• The vassal pledged allegiance to the lord in exchange for protection and land.
• The vassal had to do whatever the lord asked in return for safety.
• The vassal was basically the lord's sidekick, always following orders.
• In the corporate world, the CEO treated his assistant like a vassal, expecting complete loyalty and obedience.

noun a system in which goods and services are given without any explicit agreement for immediate or future rewards

• The concept of gift economy is based on the principle of giving without the expectation of receiving something in return.
• In a gift economy, people freely share and exchange goods and services without the need for money.
• Some online communities operate on a gift economy model where members can offer and receive items for free.
• Her generosity created a gift economy of kindness and support among her friends and family.

noun a large South Korean conglomerate made up of various businesses and subsidiaries

• The chaebol is a prominent feature of South Korea's economy, with major conglomerates dominating various industries.
• My uncle works for a chaebol, so he has a stable job with good benefits.
• I heard that chaebol heir is a real playboy, always partying and causing trouble.
• In the corporate world, some people view the CEO as a chaebol, wielding immense power and influence.