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Economics Unit 1 Test Review

A central planning authority in the former Soviet Union that devised and directed Five-Year Plans
People with all their efforts, abilities, and skills
Risk taking individuals who introduce new products or services in search of profits
A social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
Conversion of state-owned factories and other property to private ownership
Basic requirement for survival, including food, clothing, and shelter
Fundamental restructuring of the Soviet Economy, a policy introduced by Gorbachev
Forced common ownership of factors of production, used in the former Soviet Union in agriculture and manufacturing
Shift of an economy, or part of an economy, from private ownership to government ownership
A meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product
Ability or capacity of a good or service to be useful and give satisfaction to someone
Market in which goods and services are sold illegally
An economic system in which government some factors of production and has a role in determining what and how goods are produced
Something we would like to have but is not necessary for survival
Certificates that could be used to purchase government-owned property during privatization
Natural resources or “gifts of nature” not created by human effort
Worst period of economic decline in US History, lasting from 1929 to 1939
Measure of the amount of output produced in a specific time period with a given amount of resources
An economic system that has some combination of Traditional, Command, and Market Economies
An economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good
An economic system in which supply, demand and the price system help people allocate resources and make the What, How, and For Whom to produce decisions
Sum of tangible economic goods that are scarce, useful, and transferable from one person to another
Fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants
An Economic system in which private citizens own and use the factors of production in order to generate profits
Tools, equipment, and factories used in the production of goods and services