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In the 20th century,managers of railroads let airlines,barges,pipelines,and trucks take business away from them because their strategies were developed only for the railroad business,rather than a broader definition of the ________ business.
Government Sets Prices
A policy or situation in which the government directly controls or sets the prices of goods and services in an economy, rather than allowing them to be determined through free-market forces.
Market Reform
a strategic change in economic policies and regulations intended to create a more competitive and efficient market environment.
Market-Oriented Economy
An economic system where supply and demand determine the production of goods and services, with minimal government intervention.
Soviet Union
A former federal socialist state in Eastern Europe and Asia, existing from 1922 until its dissolution in 1991, known for its centralized economy and government.
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