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A traditional economy is a loosely defined term sometimes used for older economic systems in economics and anthropology. It may imply that an economy is not deeply connected to wider regional trade networks; that many or most members engage in subsistence agriculture, possibly being a subsistence economy; that barter is used to a greater frequency than in developed economies; that there is ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Planned economy ("hands on" systems, such as state socialism, also known as "command economy" when referring to the Soviet model) Other types: Traditional economy (a generic term for older economic systems, opposed to modern economic systems) Non-monetary economy (without the use of money, opposed to monetary economy)
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The word economy in English is derived from the Middle French's yconomie, which itself derived from the Medieval Latin's oeconomia. The Latin word has its origin at the Ancient Greek's oikonomia or oikonomos. The word's first part oikos means "house", and the second part nemein means "to manage". [7]
In the classic Marxist definition (pure communism), a communist economy refers to a system that has achieved a superabundance of goods and services due to an increase in technological capability and advances in the productive forces and therefore has transcended socialism such as a post-scarcity economy. This is a hypothetical stage of social ...
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Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.