Economic Systems Terminology

noun a society in an advanced state of social development, with complex legal, political, and cultural organizations

adjective relating to a civilization or civilizations

• The ancient civilization of Mesopotamia is often regarded as one of the cradles of human civilization.
• Have you ever wondered what life was like in the Mayan civilization?
• Dude, the Aztec civilization was lit back in the day.
• The artist's latest work explores the decay of modern civilization.

verb to organize or bring together into a collective group or system

• The government decided to collectivize the agriculture sector to increase efficiency.
• The farmers in the village are discussing whether to collectivize their farms or not.
• Let's all pitch in and collectivize our resources for this project.
• She wanted to collectivize their ideas and work together as a team.

noun a social and economic system based on the holding of land in exchange for labor and military service

• The feudal system was a social structure that dominated medieval Europe.
• Back in the day, the feudal system was how things were run.
• The feudal system was like a really old-school way of organizing society.
• In a way, some modern workplaces can feel like a feudal system with power dynamics and hierarchy.

noun a word or phrase that connects ideas or clauses in a sentence

adjective relating to or characteristic of a process or period of transition

• The government is implementing a transitional plan to shift towards renewable energy sources.
• We're in a transitional phase right now, so things might be a bit chaotic.
• I'm in a transitional period in my life, trying to figure things out.
• The butterfly's transitional stage from a caterpillar symbolizes transformation and growth.

noun the inner mechanisms or processes of a system or organization

verb not applicable

adjective not applicable

adverb not applicable

pronoun not applicable

preposition not applicable

conjunction not applicable

interjection not applicable

article not applicable

• It is important to understand the inner workings of the machine before operating it.
• I don't really understand the workings of this new software yet.
• I'm still trying to figure out the workings of this new gadget.
• She tried to decipher the inner workings of his mind to understand his actions.