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Ch 2 Econ Systems
Economic Systems and Decision Making
| traditional economy | economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit or custom |
| stagnation | lack of movement |
| 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 in which government own 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; 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 |
| mixed economies | economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy. |
| Great Depression | worst period of economic decline in U.S. History, lasting from approximately 1929-1939 |
| communism | economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good |
| GDP per capita | gross domestic product on a per person basis; can be expressed in current or constant dollars |
| 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 Gorbachev |
| Great Leap Forward | China's second Five Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization |
| 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 |
| capital intensive | production process requiring large amounts of capital in relation to labor |
| keiretsu | independently own 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 |
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