Collectivism

the practice or principle of giving a group priority over each individual in it.

Individualism

a social theory favoring freedom of action for individuals over collective or state control.

Mercantilism Definition

The main goal was to increase a nation's wealth by imposing government regulation concerning all of
the nation's commercial interests

Keynesian

economic theory of total spending in the economy and its effects on output and inflation.

Classical

The study was primarily concerned with the dynamics of economic growth.

Neoclassical

An approach to economics that relates supply and demand to an individual's rationality and his or her
ability to maximize utility or profit.

Marxism

the political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers
to form the basis for the theory and practice of communism.

Physiocracy

an economic theory developed by a group of 18th century French economists who believed that the
wealth of nations was derived solely from the value of "land agriculture" or "land development" and
that agricultural products should be highly priced.

Totalitarian

the state holds total authority over the society and seeks to control all aspects of public and private life
wherever possible.

Democracy

government by the people; especially : rule of the majority