Chapter 16: Russia Today: Section 1: Living in Russia Flashcards
1
Q
Command Economy
A
A central authority makes key economic decisions.
2
Q
Consumer Goods
A
Goods needed for everday life.
3
Q
Black Market
A
An illegal trade in which scarce or illegal goods are sold at prices even higher than those set by the government.
4
Q
Market Economy
A
Businesses are privately owned.
5
Q
Privatization
A
A change to private ownership.
6
Q
Kolkhoz
A
Small farms worked by farmers who shared, to a degree, in the farm’s production and profits.
7
Q
Sovkhoz
A
Large farms run more like factories, with the farm workers recieving wages.
