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Econ - Unit 2

Ch. 2 Sect 3-4

QuestionAnswer
an economic system in which a group of central planners create economic plans for the government centrally planned economy, command economy
a range of political and economic systems based on the belief that wealth should be distributed evenly throughout a society. Some definitions also define socialism as a system in which the means of production are owned by the state socialism
a political and economic system in which the government owns all property and controls all resources communism
a type of government which requires everyone to obey and in which citizens have few rights authoritarian
the large-scale production of basic products used in other industries heavy industry
a market-based economic system in which the government has some involvement mixed economy
the idea that government should not get involved in economic matters laissez faire
a range of possibilities with no clear divisions between them continuum
a period of change in which a nation moves from one economic system to another economic transition
selling government businesses or services to individuals and letting them compete in the marketplace privatization
Created by: youmansm
 

 



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