| A | B |
|---|
| laissez faire | the doctrine that states that government generally should not intervene in the marketplace |
| private property | property owned by individuals or companies, not by the government or the people as a whole |
| free enterprise | an economic system characterize by private or corporate ownership of capital goods |
| continuum | a range with no clear divisions |
| transition | a period of change in which an economy moves away from a centrally planned economy toward a market-based system |
| privatize | to sell to individuals state-run firms, which are then allowed to compete with one another in the marketplace |
| socialism | a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society |
| communism | a political system characterized by a centrally planned economy with all economic and political power resting in the hands of a central government |
| authoritarian | requiring strict obedience to an authority, such as a dictator |
| collective | large farm leased from the state to groups of peasant farmers |
| heavy industry | industry that requires a large capital investment and that produces items used in other industries. |
