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Economic system in which supply, demand, and the price system help people allocate resources.
What is market economy?
Market in which goods and services are sold illegally.
What is the black market?
What is a traditional economy?
Economic system that has some combination of traditional, free market, and command economies.
What is a mixed economy?
Economics system in which private systems own and use the factors of production to generate profits.
What is capitalism?
Number of people per square mile.
What is population density?
An arrangement where buyers and sellers interact to determine the prices and quantities of goods and services.
What is a Market?
A central authority makes the major decisions about WHAT, HOW, and FOR WHOM to produce.
What is command economy?
Economic and political system in which the factors of production are collectively owned and directed by the government. In theory it is supposed to be a classless society.
What is communism?
Certificates that could be used to purchase government-owned property during privatization.
What is a voucher?
Shift of an economy or part of an economy, from private ownshersip to government ownership.
What is Nationalization?
Successor of the European Steel and Coal community established in 1993 to unite Europe's economies.
What is the European Union?
An economic and political system in which the government owns some of the factors of production and answer some of the three economic questions.
What is socialism?
Production process requiring large amounts of capital goods in relation to labor.
What is capital-intensive?
Conversion of state-owned factories and other property to private ownership.
What is privatization?
Independent Polish labor union founded in 1980.
What is Solidarity?
Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry.
What is Five-Year Plan?
Worst period of economic decline in U.S. history. Lasting from 1929-1939.
What is the Great Depression?
China's second five-year plan that began in 1958, which forced collectivization of agriculture and rapid industrialization.
Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.
What is collectivization?
Central planning authority in the former Soviet Union that devised and directed the Five Year Plans.
What is Gosplan?
Fundamental restructuring of the Soviet economy; policy was introduced by Gorbachev.
What is Perestroika?
Gross domestic product on a per person basis.
What is GDP per Capita?