Quiz 2

Question 1

Collectivization

Answer 1

forced common ownership of factors of production.

Question 2

Command Economy

Answer 2

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

Question 3

Communism

Answer 3

economic and political system in which factors of production are collectively owned and directed by the state.

Question 4

Market Economy

Answer 4

economic system in which supply and demand help people allocate resources and make the WHAt, HOW, and FOR WHOM to produce decisions.

Question 5

Privatization

Answer 5

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

Question 6

Traditional economy

Answer 6

economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom.