Chapter 20 - Comparative Government and Politics, 11th Edition

A branch of the social sciences that studies the relationships between markets and the state.

A resurrection of earlier approaches to economics, combining them with the tools of modern economic analysis.

The study of the theory and practice of the production, distribution, and consumption of goods and services.

The arenas within which goods and services are bought and sold, with prices determined mainly by supply and demand.

The study of small-scale or individual economic decisions, and the interactions of individual economic actors.

The study of entire economic systems and their complex internal dynamics.

The interactions and institutions through which a society chooses to manage production, distribution, and consumption, involving different degrees of interaction between governments and markets.

An economic principle based on leaving as many decisions as possible on production, distribution, and prices to the free market.

One which performs limited functions, such as maintaining law and order, providing national defence, enforcing contracts, and dealing with emergencies.

The consequences of economic activity experienced by unrelated third parties.

An economic philosophy representing a revival of classical liberalism that has been adopted by conservatives in many democracies since the 1980s.

An ideological position which suggests that a class war will lead to power and property being held in common, with the state withering away.

The political system found in ‘communist’ states, involving wholesale centralization of political and economic control.

An economic system in which all decisions about production, supply, and costs are made by government planners.

The branch of economics that focuses on the effect of the allocation of goods and services on overall social welfare.