Ch 2-3 vocab

5. forced common ownership of factors of production
9. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
10. its 28 member countries make it the largest single unified market in the world in terms of population and output
12. requiring large amounts of capital in relation to labor
13. conversion of state-owned factories and other property to private ownership
14. independent Polish labor union founded in 1980 by Lech Walesa
15. fundamental restructuring of the Soviet economy
17. central planning authority in the former Soviet Union that devised and directed Five-Year Plans

1. gross domestic product on a per person basis; can be expressed in current or constant dollars
2. market in which goods and services are sold illegally
3. number of people per square mile of land area
4. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
6. national policy of avoiding international alliances and economic interactions
7. certificates that could be used to purchase government-owned property during privatization
8. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
11. entering into an activity
16. shift of an economy, or part of an economy, from private ownership to government ownership