Chapter 16 Vocabulary
Command Economy: a economic system in which economic decisions about production and distribution are made by some central authority.
Consumer Good: goods that directly satisfy human wants
Black Market: any illegal market where scarce or illegal goods are sold, usually at high price.
Market Economy: an economic system based on free enterprise, in which businesses and privately owned, and production prices and determined by supply and demand.
Privatization: a change to private ownership of state-owned companies and industries.
Kolkhoz: in the Soviet Union, a small farm worked my farmers who shared in the farm’s production and profits.
Sovkhoz: in the Soviet Union, a large farm owned and run by the stae.
Radioactive Material: material contained by residue from the generation of nuclear energy.
Pesticide: chemical used to kill insects, rodents, and other pests.
Nuclear Waste: the by-product of producing nuclear power.