Chapter 16 Vocabulary

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.