Socialism - system in which government owns and controls some factors of production. Market - mechanism through which buyers and sellers of an economic product or service come together. Mixed economy - system that has some combination of traditional, command, and market economies.
Communism - economic and political system in which factors of production are owned and directed by the state. Voucher - certificate used to purchase government-owned property during privatization. Collectivization - forced common ownership of factors or production. Capital-investment - requiring large amounts of investment in equipment in relation ...
Market economy - system in which economic activity is driven by supply, demand, and the price system. Capitalism - economic system in which privet citizens own and use resources to make a profit. Privatization - conversion of state-owned property to individual ownership. Five-Year plan - comprehensive, centralizes economic strategy ...
Capital-investment - requiring large amounts of investment in equipment in relation to labor. Population density - number of people per square mile of land area. European Union - successor of the European Coal and Steel Community, established in 1993.
Traditional economy - system in which economic activity is the result of ritual, habitat, or custom. Economic system - efficient way of allocating resources and producing and distributing goods and services in a society. Command economy - economic system in which a central authority makes the major economic decisions.