A.Daniels
J.Harp
1.Privatization
2.Five Year Plan
3.Communism
4.State Farm
5.Perestroika
6.Collective Farm
7.Black Market
8.Socialism
9.Capital-intensive
10.storming

V.Haskins
11.Capitalism is directed by the free market. Under capitalism the government may promote competition and provide public goods. Individuals have the freedom to purchase the goods and services that best satisfy their preferences. Producers have the freedom to direct productive resources into activities that consumers demand most.
12.Most socialist societies are democracies in which elected officials and, ultimately, the people direct the allocation of resources in key industries.
13.The basic economic questions are what, how, and for whom.
What: Communism is both political and an economic framework. Under pure communism all property is collectively owned, and labor is organized for the common advantage of the community.
How: Communism is a selfless society where everyone works to the best of their abilities and consumers according to their needs. Goods and services have no prices, eliminating the need for wages, rents, interest rates, or profits. It has no social classes and no need for central government authority.
14.In the Soviet economy, the central planning authority, or Gosplan, devised the Five-Year Plans and broke them down into one-year periods for implementation. As the Soviet economy grew, this process became increasingly complex. Planners had to devise quotas for every industry. To ensure the growth of the economy, from one year to the next, all the planners had to do-or so they thought-was to increase the quotas given to the factories.

L.Lee
15.The impact Perestroika had on the Soviet economy was the decline of the Soviet Union. Mikhail Gorbachev introduced the policy of Perestroika. It was a halfway point between a market economy and centralized planning. It was opposed by some people, which caused a collapse in the economy, and political leadership. This resulted in the decline of the Soviet Union.
16.One of the problems that a country may experience during the transition from communism to capitalism is getting used to the freedom and the operation of the price system. The competition in the market wouldn’t fit the poor people’s budget. Some places would be out of business because of the competition. People would be unemployed and this could cause the crime rate to go up.
17.Japan’s government has only a modest military capability and is not burdened with welfare spending. The government works closely with businesses to limit foreign competition in the domestic market. They provide fewer public goods than most other capitalist societies, but they are also more closely allied with businesses than most other countries.