Chapter 2/16 Vocab Flashcards
Command economy?
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Traditional economy?
original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates.
Market economy?
A market economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
Self interest?
one’s personal interest or advantage, especially when pursued without regard for others.
Incentive?
payment or concession to stimulate greater output or investment.
“tax incentives for investing in depressed areas”
Mixed economy?
an economic system combining private and public enterprise.
Indicative planning?
form of economic planning implemented by a state in an effort to solve the problem of imperfect information in market and mixed economies in order to increase economic performance.
Nationalization?
a way for a government to expand its economic resources and power.
Bourgeoisie?
the middle class, typically with reference to its perceived materialistic values or conventional attitudes.
Collectivization?
to organize (a people, industry, economy, etc.) according to the principles of collectivism.
Great Leap Forward?
an effort made by the Communist Party of China (CPC) under the leadership of Mao Zedong (also known as Mao Tse-tung) to transform China into a society capable of competing with other industrialized nations, within a short, five-year time period.
Cultural Revolution?
It was characterized by political zealotry, purges of intellectuals, and social and economic chaos.
Four Modernizations?
goals first set forth by Zhou Enlai in 1963, and enacted by Deng Xiaoping, starting in 1978, to strengthen the fields of agriculture, industry, national defense, and science and technology in China.
