Economic Systems Vocabulary

adjective relating to or characterized by autarchy, which is a system of government in which a ruler has absolute power

• The autarchic government implemented strict policies to ensure self-sufficiency.
• The autarchic ruler wanted to control everything in the country.
• Living off the grid and being autarchic sounds appealing to some people.
• Her autarchic personality made it difficult for her to work well in a team.

noun an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state

• Capitalism is an economic system based on private ownership of the means of production.
• Some people believe that capitalism leads to a more competitive market.
• I heard capitalism is all about the money and power.
• In the game of capitalism, it's every man for himself.

noun a word or phrase that indicates a higher degree of a quality or quantity when comparing two or more things

adjective relating to or involving comparison between two or more things

• The study involved a comparative analysis of the two economic systems.
• She did a comparative review of the new smartphones before making a decision.
• I did a quick comparative check online to see which store had the best deals.
• His comparative advantage in the project allowed him to excel and outperform others.

noun a system of labor in which people are bound to work on a particular piece of land and are treated as the property of the landowner

• Serfdom was a system of labor in medieval Europe where peasants were bound to work on their lord's land.
• Back in the day, serfdom meant peasants had to work for the lord without much freedom.
• Being stuck in serfdom was like being a slave to the landowner.
• In modern times, some people feel trapped in a form of serfdom to their jobs, working long hours with little control over their lives.

noun an economic system characterized by free market capitalism operating at an extremely fast pace with little government regulation

• Turbocapitalism is characterized by rapid economic growth and intense competition among businesses.
• I heard that turbocapitalism is causing prices to skyrocket at the grocery store.
• Turbocapitalism is like a race to the top where only the strongest survive.
• In the world of turbocapitalism, it's like being thrown into a shark tank with no life jacket.

noun a large Japanese business conglomerate

• The zaibatsu were powerful and influential conglomerates in pre-WWII Japan.
• My great-grandfather used to work for a zaibatsu back in the day.
• I wish I could join a zaibatsu and make tons of money.
• In the world of finance, some consider the big tech companies to be the modern-day zaibatsu.