Command and Market Economies (Vocabulary)

The Soviet Union (USSR)

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Private Ownership

• a socialist state that spanned Eurasia during its existence from 1922 to 1991.

• an economy in which production, investment, prices, and incomes are determined centrally by a government.

•  the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.

• the fact of being owned by a private individual or organization, rather than by the state or a public body.

A command economy

• a socialist state that spanned Eurasia during its existence from 1922 to 1991.

• an economy in which production, investment, prices, and incomes are determined centrally by a government.

•  the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.

• the fact of being owned by a private individual or organization, rather than by the state or a public body.

The factors of production

• a socialist state that spanned Eurasia during its existence from 1922 to 1991.

• an economy in which production, investment, prices, and incomes are determined centrally by a government.

•  the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.

• the fact of being owned by a private individual or organization, rather than by the state or a public body.

the sum total of all the buyers and sellers in the area or region under consideration.

• a market

• a market economy

• fairness

• motivation

an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.

• a market

• a market economy

• fairness

• motivation

Equality

• the general desire or willingness of someone to do something.

• the state of being equal, especially in status, rights, and opportunities.

• disparities among individuals' incomes and wealth.

• impartial and just treatment or behavior without favoritism or discrimination.

disparities among individuals' incomes and wealth.

a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.