Economic System
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The strategy used by a society to produce and distribute products and also solutions.

You are watching: To sell a state-run firm to individuals

Factor PaymentsThe revenue world recieve for supplying components of manufacturing, such as land also, labor or funding.
PatriotismThe love of one's country; the passion that inspires a person to serve his or her country.
Safety NetGovernment programs that safeguard civilization experiencing unfavorable economic problems.
Standard of LivingLevel of economic prosperity.
Traditional EconomyEconomic device that depends on halittle, custom or ritual to decide questions of manufacturing and consumption of items and also services.
Market EconomyEconomic System in which decisions on manufacturing and also consumption of goods and solutions are based upon voluntary exreadjust in markets.
Centrally Planned (Command) EconomyEconomic device in which the central government provides all decisions on the production and also intake of items and also services.
Mixed EconomyMarket based financial system through restricted government involvement.
MarketAn arrangement that permits buyers and also sellers to exreadjust points.
SpecializationThe concentration of the abundant efforts of individuals and also firms on a limited number of activities.
HouseholdA perboy or team of civilization living in the very same residence.
FirmAn organization that provides sources to create a product which it then sells.
Factor MarketMarket in which firms purchase the components of manufacturing from households.
ProfitThe financial acquire made in a transaction.
Product MarketThe sector in which families purchase the goods and also services that firms produce.
Self-InterestOne's own individual gain.
IncentiveAn expectation that encourages civilization to behave a particular means.
CompetitionThe battle among producers for the dollars of the consumers.
Invisible HandTerm financial experts use to define the self-regulating nature of the marketplace.
Consumer SovereigntyThe power of consumers to decide what gets produced.
CommunismA political and financial mechanism characterized by a centrally planned economy and also political power relaxing in the hands of the main federal government.
AuthoritarianRequiring strict obedience to authority; dictatorship
CollectiveLarge farm leased from the state to groups of peasant farmers.
Heavy IndustryIndustry that needs a huge capital investment and also that produces items offered in various other sectors.
Laissez-FaireThe doctrine that states that federal government generally must not intervene in the marketlocation.
Private PropertyProperty owned by people or carriers, not by the government or the people as a whole.
Free EnterpriseAn financial system identified by personal or corpoprice ownership of capital goods; investments that are established by personal decision fairly than by state control and identified in a free market.
ContinuumA range through no clear departments.
TransitionPeriod of adjust in which an economic situation moves away from a centrally planned economic climate towards a market-based mechanism.

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PrivatizeTo market state-run firms to individuals.
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