what is the difference between political systems and economic systems?
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Think of political systems as “who can have a say and who can decide”. ... Common political systems - tribal, democracy, monarchies, authoritarian, etc. Think of economic systems as “how resources are allocated to produce goods and services“.
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Economic systems. An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.
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Communism and socialism are two types of command systems. In a socialistic economic system, the government owns most land and capital goods, but individuals still control their own labor. ... Communism is like socialism except all the factors of production, land, capital, and even labor, are controlled by the state.
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A fundamental difference between the command system and laissez-faire capitalism is that, in command systems: the division of output is decided by central planning rather than by individuals operating freely through markets. ... The regulatory mechanism of the market system is: competition.
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There are two ways they are allocated, the Economic Means and the Political Means. The former is where people cooperate peacefully and the latter is allocation by force. Economics is the study of how scarce resources are allocated to meet human ends. Political Science is the study of the various forms of state rule.
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What were the political, social, and economic eﬀects of trade routes? Political: Governments changed to focus around trades, some taxes merchants or controlled the price of goods. Economic: Many countries changed due to silk such as it only being allowed on elites, trade also made many countries change positively.
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In political science, a political system defines the process for making official government decisions. It is usually compared to the legal system, economic system, cultural system, and other social systems.
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Socialism is at its core an economic philosophy, whereas Communism is economic and political in its requirement that government be the central owner and decision maker in all matters. Communism rejects any religion and in a true Communist state religion is effectively abolished.
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Political economists study how economic theories such as capitalism, socialism, and communism work in the real world. ... The briefer term economy was substituted in the early 20th century with the development of more rigorous statistical methods for analyzing economic factors.
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The main difference between these two things is that politics is something that happens in the real world and political science is the study of that thing. ... By contrast,political science is an academic discipline. It is the study of politics, not the actual political process.
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Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country's trade and industry are controlled by the community and the share of each individual relies on his ability and needs.
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Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people. Capitalism is an economic system under which the means of production are privately owned.
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NATIONALISM: a theory of political science. not an economic theory, not an economic system, not even a form of government. ... Capitalism: as a political science theory, really has no definition, because an ECONOMY is the distribution of goods and services.
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Economic Systems. The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.
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In a capitalist economy, production is determined by free market forces such as supply and demand. In a communist economy, the government determines which goods and services get produced and how much is available at any given time.
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In a command economy, macroeconomic and political considerations determine resource allocation, whereas, in a market economy, the profits and losses of individuals and firms determine resource allocation. Command economies are concerned with providing basic necessities and opportunities to all members.
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The three primary economic systems include capitalism, which is a market system, and the command systems of socialism and communism. In reality, all economies are mixed economies that take elements of the market system and the command system.