Chapter 16 - An introduction to Transition

Question 1

command economy

Answer 1

economic system where resource allocation is directed by a central planning agency

Question 2

economic reform

Answer 2

changes in arrangements within an economic systems; often applied to attempts to change command economies and to improve their performance

Question 3

emerging market econmies

Answer 3

lower level of economic development pursuing growth through market institutions

Question 4

J-Curve

Answer 4

A characterization of pattern of output change observed in number of transition economies; severe collapse followed by subsequent recovery

Question 5

liberalization

Answer 5

reduction of stare controls over economic activity

Question 6

open economies

Answer 6

economies engaged in international trade - the development of exports and imports and the expansion of FDI

Question 7

privatization

Answer 7

the movement away from state ownership of economic activity and toward private ownership