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Terms in this set (40)
traditional economy
economic system in which the allocation of resources, and other economic activity, is the result of ritual, habit, or custom
economic systems
organized way a society provides for the wants and needs of its people
command economy
economic system characterized by a central authority that makes most of the major economic decisions
socialism
economic system which government owns some factors of production and has a role in determining what and how goods are produced
market
meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global
market economy
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
capitalism
economic system in which private citizens own and use the factors of production in order to generate profits
stagnation
lack of movement
emphasizing
stressing
mixed economies
economic system that has some combination of traditional, command, and market economies
Great Depression
worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
communism
economic and political system in which factors of production are collectively owned and directed by state; a theoretically classless society in which everyone works for the common good
allocation
distribution
GDP per capita
gross domestic product on a per person basis
privatization
conversion of state-owned factories and other property to private ownership
vouchers
certificates that could be used to purchase government-owned property during privatization
Five-Year Plan
comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
Gosplan
central planning authority in the former Soviet Union that devised and directed Five-Year Plans
collectivization
forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
perestroika
fundamental restructuring of the Soviet economy; policy introduced by Mikhail Gorbachev in 1985
Great Leap Forward
China's second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
isolationism
national policy of avoiding international alliances and economic interactions
nationalization
shift of an economy, or part of an economy, from private ownership to government ownership
Solidarity
independent Polish labor union founded in 1980 by Lech Walesa
European Union (EU)
successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty
black market
market in which goods and services are sold illegally
keiretsu
independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
population density
number of people per square mile of land area
What is the difference between socialism and capitalism?
Socialism is an economic and political system in which the government owns some of the factors of production. In a capitalist economy, private citizens own and use the factors of production in order to generate profits. The key lies within who owns and uses the factors of production.
What are advantages and disadvantages of a mixed market?
Advantages include economic growth and social programs that all people can benefit from. A major disadvantage is that socialist programs are not free and must be paid for. This can either be done through high personal income taxes or lower production of some goods and services.
What are the major differences between command and market economies?
In command economies, a central authority or government makes most decisions, there are limited private property rights, but basic goods and services are affordable. In market economies, citizens make most decisions, there are expanded private property rights, and limited government interference.
What three economic systems combine to form a mixed economy?
Traditional, command, and market economies
What major U.S. economic event illustrates the unfortunate costs of a capitalist economy such as instability, unemployment, and social unrest?
the Great Depression
What was social scientist Karl Marx's idea about history?
Marx viewed all of history as a class struggle between workers and property owners. He believed this struggle would lead to alternating periods of depression and prosperity.
According to Karl Marx's idea of communism, are there any true communist economies where all people contribute according to his or her abilities, and consume according to his or her needs?
No. There are none in the world today, and there has never been in the past.
Why has the transition to a mixed economy been difficult for Soviet Union/Russia?
1. The transition has been difficult for workers to adjust to the ideas of initiative and incentives, who were used to filling quotas in a system that did not encourage or reward hard work or creativity. 2. Russia has to develop mechanisms to deal with the costs of capitalism such as instability, unemployment, and social unrest. 3. The ruling powers were unwilling to relinquish power. However, today, Russia has a mixed economy with some free-market activity and some industries still under government control.
What is the reason so many other countries are trying to make the transition to a capitalist economy?
Many countries have had successful capitalistic economic societies.
What are some countries and regions that are currently transitioning to a capitalist economy?
Russia, China, Latin America, and Eastern Europe. Under President Vladimir Putin, Russia has completed the transition to capitalism.
What are some countries that have capitalist economies?
Japan, South Korea, Singapore, and Sweden
What is the main difference between command and socialist economies?
In command economies, the government owns most of the factors of production (more resources are owned). In socialist economies, the government owns some, but not all, of the factors of production (fewer resources are owned).
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