State Farm-Large farms owned and operated by the state in the former Soviet Union
Socialism-Soicialism is an economic system in which government owns and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.
Black Market-Market in which economic products are sold illegally
Capital Intensive-production method requiring relatively large amounts of capital relative to labor
Privatization-Conversion of state-owned factories and other property to private ownership
Five-Year Plan-Comprehensive centralized economic plan used by the Soviet Union and China to coordinate development or agriculture and industry
Collective Farm-Small farms in the former Soviet Union owned by the state, but operated by families who shared in some of the profits
Communism-Economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good
Perestroika-Fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
Storming-Soviet practice of rushing production at month's end to fulfill quotas, often resulting in production of shoddy goods.
Socialism-Soicialism is an economic system in which government owns and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.
Black Market-Market in which economic products are sold illegally
Capital Intensive-production method requiring relatively large amounts of capital relative to labor
Privatization-Conversion of state-owned factories and other property to private ownership
Five-Year Plan-Comprehensive centralized economic plan used by the Soviet Union and China to coordinate development or agriculture and industry
Collective Farm-Small farms in the former Soviet Union owned by the state, but operated by families who shared in some of the profits
Communism-Economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good
Perestroika-Fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
Storming-Soviet practice of rushing production at month's end to fulfill quotas, often resulting in production of shoddy goods.