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13 Cards in this Set
- Front
- Back
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In a centrally planned economy, who owns both the land and the capital? |
The government |
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How does it own the labor too? |
By controlling where individuals work and what wage is there paid |
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What two major Market forces are absent from this system? |
Consumer voice and consumer sovereignty |
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What two words are often associated with centrally planned economies ? |
Socialism and communism |
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What is socialism |
A social and political philosophy based on the belief that Democratic means should be used to distribute wealth evenly throughout a society |
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Who owns the major industries under socialism, give an example: |
The government. Ex. Utilities |
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How is communism characterized? |
By centrally planned economy with all economic and political power resting in the hands of central government |
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What does authoritarian mean? |
Requiring strict obedience to Authority such as a dictator |
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The Soviet Union a rose out of a pair of Revolutions in which country and in what year. Who led the Bolsheviks and in what year did the Soviet Union collapse? |
Russia, 1917 ; it was led by Vladimir Lenin, 1991 |
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On state run Farms Who provided all the equipment, seed fertilizer, and for what did the farmers work? |
The state provided the equipment and Farmers worked for daily wages set by economic planners |
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What is a collective |
A large farm leased from the state two groups of peasant farmers |
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What were agricultural workers guaranteed? |
Employment and income |
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In Soviet industry, what three areas of economy did the planners favor? |
The defense industry, space program, and heavy industry |
