Name the economic type
Economic planning is based on ritual, habit, or custom
Traditional economy
Wrote the communist manifesto
Karl Marx
Conversion of state owned factories and other property to
Privatization
Once a socialist country, now the world's largest economy
China
Which nation has the better performing economy? North Korea or South Korea
South Korea
A central authority makes the major economic decisions
Command economy
The worst period of economic decline in U.S. history. (1929-1939)
Great Depression
Where buyers and sellers interact to determine prices and quantities of goods and services
Market
Pure command economy. Kim Jung Un
North Korea
Lack of economic progress
Stagnation
A modern and more liberal version of the command economy
Socialism
Name of country that once had a booming petroleum based economy. However, socialist rule under Hugo Chavez brought about economic stagnation and rampant inflation.
Venezuela
Central planning authority in the Soviet Union
Gosplan
Has strongest economy in South America. Switched to capitalism
Chile
Another name for a free market economy
capitalism
The Who, what, and for whom is decided by consumers and producers and supply and demand
Market economy
In parts of the old USSR, _______ were certificates that could be used to purchase government property during privatization
vouchers
Great Leap Forward
Scandinavian country with high-tech capitalism and liberal welfare benefits
Sweden
Russian president that introduced 'perestroika' or restructuring of the Soviet economy
Mikhail Gorbachev
Almost all economies are this. It is rare to find something purely Command or purely Free market.
Mixed economy
Current Russian president. Helped increase the transition to a market based economy.
Vladimir Putin
A market in which entrepreneurs sell goods illegally
black market
Very tiny nation, but GDP ranks 40th in the nation
Singapore
Association of European nations created in 1993
European Union