Cold War Vocab

Define "capitalism"

• An economic system based on government control of all businesses and industries.
• An economic system based on bartering and trade without the use of currency.
• An economic system based on public ownership of the means of production and their operation for profit.
• An economic system based on private ownership of the means of production and their operation for profit.

Define "Democracy"

• A system of government in which power is vested in the people

• A system of government in which power is vested in the wealthy elite
• A system of government in which power is vested in a single ruler
• A system of government in which power is vested in the military

Define "Socialism"

• A system where the means of production are owned by private individuals for profit
• An economic and political system where individuals have complete control over the means of production
• An economic and political system where the means of production are owned by the community as a whole.

• A system where the government controls all aspects of the economy

Define "Communism"

• A political ideology advocating for extreme individualism and minimal government intervention
• A political and economic ideology advocating for a classless society and collective ownership of the means of production.
• An economic system based on private ownership of the means of production
• A system of government where power is concentrated in the hands of a single ruler

Define "Market Economy"

• An economic system in which the government controls all aspects of production and distribution
• An economic system in which prices are determined by the amount of labor required to produce goods and services
• An economic system in which decisions are made by a central planning authority

• An economic system in which decisions are based on supply and demand.

Define "Command Economy"

• A command economy is a system where individuals make all economic decisions and own all the means of production.
• A command economy is a system where economic decisions are made by a committee of experts and the means of production are collectively owned by workers.
• A command economy is a system where economic decisions are made by private corporations and the means of production are owned by the government.
• A command economy is a system where the government makes all economic decisions and owns all the means of production.