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

Requiring large amounts of capital in relation to labor.

gross domestic product on a per person basis; can be expressed in current or constant dollars.

certificates that could be used to purchase government owned property

economic system in which private citizens own and use the factor of production in order to generate profits

conversion of state owned factories and other property to private ownership.

worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939

economic system characterized by a central authority that makes most of the major economic decisions.

market in which goods and services are sold illegally.

economic system in which government owns some factors of production and has a role in determining what and how goods are produced

an economic system combining private and public enterprise.

Shift of an economy, or part of an economy, from private ownership to government ownership.

system : is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.

economic system in which supply,demand, and the price system help people allocate resources and make the WHAT,HOW, and FOR WHOM to produce decision, same as free enterprise economy.

Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.

comprehensive, centralized economics plan used by the Soviet Union & China to coordinate development of agriculture & industry.

a measure of population through unit area.

Was an economic philosopher from Germany who was responsible for writing the pamphlet called “The Communist Manifesto” later known as Marxism, and also “Das Kapital” explaining his theory on capitalism.

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Chapter 2 Vocab

Term	Definition
Communism	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
Capital intensive	Requiring large amounts of capital in relation to labor.
GDP per capita	gross domestic product on a per person basis; can be expressed in current or constant dollars.
Vouchers	certificates that could be used to purchase government owned property
Capitalism	economic system in which private citizens own and use the factor of production in order to generate profits
Privatization	conversion of state owned factories and other property to private ownership.
Great depression	worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
Command economy	economic system characterized by a central authority that makes most of the major economic decisions.
Black market	market in which goods and services are sold illegally.
Socialism	economic system in which government owns some factors of production and has a role in determining what and how goods are produced
Mixed Economy	an economic system combining private and public enterprise.
Nationalization	Shift of an economy, or part of an economy, from private ownership to government ownership.
Economic	system : is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.
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 decision, same as free enterprise economy.
Collectivization	Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.
Five year plan	comprehensive, centralized economics plan used by the Soviet Union & China to coordinate development of agriculture & industry.
Population density	a measure of population through unit area.
Karl Marx	Was an economic philosopher from Germany who was responsible for writing the pamphlet called “The Communist Manifesto” later known as Marxism, and also “Das Kapital” explaining his theory on capitalism.

Created by: DFWayne82

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