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Econ - Unit 2
Ch. 2 Sect 3-4
Question | Answer |
---|---|
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 |