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Chapter 2 Vocab

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Term
Definition
show Economic and political system in which factors of production are collectively owned and directed by the state; Based on a theoretically classless society in which everyone works for the common good  
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show Requiring large amounts of capital in relation to labor.  
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show gross domestic product on a per person basis; can be expressed in current or constant dollars.  
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Vouchers   show
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Capitalism   show
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show conversion of state owned factories and other property to private ownership.  
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show worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939  
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show economic system characterized by a central authority that makes most of the major economic decisions.  
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Black market   show
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show economic system in which government owns some factors of production and has a role in determining what and how goods are produced  
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show an economic system combining private and public enterprise.  
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Nationalization   show
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Economic   show
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Market economy   show
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Collectivization   show
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show comprehensive, centralized economics plan used by the Soviet Union & China to coordinate development of agriculture & industry.  
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show a measure of population through unit area.  
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Karl Marx   show
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Created by: DFWayne82