Russia Review Sheet
Market Economy: an economy that relies chiefly on market forces to allocate goods and resources and to determine prices Command Economy: an economy in which production, investment, prices, and incomes are determined centrally by a government. Socialism: a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Traditional: A traditional economy is a historical economic system in which traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based. Democracy: a system of government by the whole population or all the eligible members of a state, typically through elected representatives. Communism: a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. Monarch: a sovereign head of state, esp. a king, queen, or emperor. Dictatorship: government by a dictator.
Judaism: the monotheistic religion of the Jews.
Christianity: the religion based on the person and teachings of Jesus of Nazareth, or its beliefs and practices. Islam: the religion of the Muslims, a monotheistic faith regarded as revealed through Muhammad as the Prophet of Allah. Primary Economic: here the money making activities of a society are mainly focused upon the growing and collecting of natural resources, for example, agriculture, fishing and mining. Secondary Economic: where products, or resources are manufactured. Tertiary Economic: economic sector has to do with services to businesses and consumers. Dry cleaners, real estate agents and loan officers fall into the category of tertiary economic sector workers. Transportation, banking, tourism and retail stores are all part of the tertiary economic sector. ...
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