Economic Systems
Economic system in which private citizens own and use the factors of production in order to generate profits ...
Answer: capitalism.
Worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939 ...
Answer: Great Depression.
China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization ...
Answer: Great Leap Forward.
Economic system characterized by a central authority that makes most of the major economic decisions ...
Answer: command economy.
Economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good ...
Answer: communism.
Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry ...
Answer: Five-Year Plan.
Economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; same as free enterprise economy ...
Answer: market economy.
Economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy ...
Answer: mixed economy.
Independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition ...
Answer: keiretsu.
Economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom ...
Answer: traditional economy.
German founder of modern socialism and communism ...
Answer: Karl Marx (1818-1883).
Shift of an economy, or part of an economy, from private ownership to government ownership ...
Answer: nationalization.
Economic system in which government owns some factors of production and has a role in determining what and how goods are produced ...
Answer: socialism.
Soviet marshal, statesman, and general secretary of the Soviet Communist party ...
Answer: Joseph Stalin (1879-1953).
Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing ...
Answer: collectivization.