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What was the worst period of economic decline in U. S. history?

What was the worst period of economic decline in U. S. history?

Great Depression

Great Depression

What economic system is based on habit or custom?

What economic system is based on habit or custom?

traditional economy

traditional economy

In what political system are factors of production collectively owned and directed by the

In what political system are factors of production collectively owned and directed by the state?

communism

communism

What are three basic economic questions?

What are three basic economic questions?

What to produce? How to produce? For whom to produce?

What to produce? How to produce? For whom to produce?

What is the conversion of state-owned property to private ownership called?

What is the conversion of state-owned property to private ownership called?

privatization

privatization

What is a market in which goods are bought and sold illegally?

What is a market in which goods are bought and sold illegally?

black market

black market

What is the number of people per square mile of land called?

What is the number of people per square mile of land called?

population density

population density

What economic system has a central authority make most economic decisions?

What economic system has a central authority make most economic decisions?

command economy

command economy

What kind of enterprise requires large amounts of capital in relation to labor?

What kind of enterprise requires large amounts of capital in relation to labor?

capitalintensive

capitalintensive

What is the forced common ownership of factors of production?

What is the forced common ownership of factors of production?

collectivization

collectivization

What is gross domestic product on a person basis called?

What is gross domestic product on a person basis called?

GDP per capita

GDP per capita

What country with a command economy broke apart in 1991?

What country with a command economy broke apart in 1991?

Soviet Union

Soviet Union

What system attempts to evenly distribute economic & political power?

What system attempts to evenly distribute economic & political power?

socialism

socialism

What economic system lets private citizens own and use factors of production to make

What economic system lets private citizens own and use factors of production to make profits?

capitalism

capitalism

What term describes the shift of at least part of an economy from private

What term describes the shift of at least part of an economy from private to government ownership?

nationalization

nationalization

What is the meeting place or arrangement through which buyers and sellers interact?

What is the meeting place or arrangement through which buyers and sellers interact?

market

market

What economic system has some combination of traditional, market, and command economies?

What economic system has some combination of traditional, market, and command economies?

mixed economy

mixed economy

Who was the German economic philosopher who wrote The Communist Manifesto?

Who was the German economic philosopher who wrote The Communist Manifesto?

Karl Marx

Karl Marx

What was the name China & the Soviet Union used for their centralized development

What was the name China & the Soviet Union used for their centralized development plans?

Five-Year Plan

Five-Year Plan

What was the name of the independent Polish labor union founded in 1980?

What was the name of the independent Polish labor union founded in 1980?

Solidarity

Solidarity

What year did the Great Depression begin?

What year did the Great Depression begin?

1929

1929

What economic system has supply, demand, and prices guide people to their own economic

What economic system has supply, demand, and prices guide people to their own economic decisions?

market economy

market economy

In which country are doctors required to live in the same buildings where they

In which country are doctors required to live in the same buildings where they provide their services?

Cuba

Cuba

What is an organized way a society provides for the wants and needs of

What is an organized way a society provides for the wants and needs of its people?

economic system

economic system

What did Mikhail Gorbachev call his policy of restructuring the Soviet economy?

What did Mikhail Gorbachev call his policy of restructuring the Soviet economy?

perestroika

perestroika

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