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What was the worst period of economic decline in U. S. history?
Great Depression
What economic system is based on habit or custom?
traditional economy
In what political system are factors of production collectively owned and directed by the state?
communism
What are three basic economic questions?
What to produce? How to produce? For whom to produce?
What is the conversion of state-owned property to private ownership called?
privatization
What is a market in which goods are bought and sold illegally?
black market
What is the number of people per square mile of land called?
population density
What economic system has a central authority make most economic decisions?
command economy
What kind of enterprise requires large amounts of capital in relation to labor?
capitalintensive
What is the forced common ownership of factors of production?
collectivization
What is gross domestic product on a person basis called?
GDP per capita
What country with a command economy broke apart in 1991?
Soviet Union
What system attempts to evenly distribute economic & political power?
socialism
What economic system lets private citizens own and use factors of production to make profits?
capitalism
What term describes the shift of at least part of an economy from private to government ownership?
nationalization
What is the meeting place or arrangement through which buyers and sellers interact?
market
What economic system has some combination of traditional, market, and command economies?
mixed economy
Who was the German economic philosopher who wrote The Communist Manifesto?
Karl Marx
What was the name China & the Soviet Union used for their centralized development plans?
Five-Year Plan
What was the name of the independent Polish labor union founded in 1980?
Solidarity
What year did the Great Depression begin?
1929
What economic system has supply, demand, and prices guide people to their own economic decisions?
market economy
In which country are doctors required to live in the same buildings where they provide their services?
Cuba
What is an organized way a society provides for the wants and needs of its people?
economic system
What did Mikhail Gorbachev call his policy of restructuring the Soviet economy?
perestroika