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Economics
Social Economics :star:
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studies how individuals make choices in allocating scarce resources to satisfy their unlimited wants :pencil2:
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Socialism
De-centralization of property through widespread ownership. It tries to make capitalists of the masses and encourage small businesses to thrive by preventing corporations from getting to big and powerful. :pencil2:
Capitalism
Marked by a reliance on the profit motive to urge capitalists to use the capital that they privately own to increase their productive capacity; this results in a transition from a labour-intensive economy to a low-labour, capital-intensive economy. :pencil2:
Communism
The system where workers take control, abolishing the classes and making the means of production part of the State, so all the goods are divided equally amongst the people. :pencil2:
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