Chap 2 vocab

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Across
  1. 4. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
  2. 7. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  3. 8. conversion of state-owned factories and other property to private ownership
  4. 15. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  5. 17. economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
  6. 20. economic system that has some combination of traditional command, and market economies; also see modified free enterprise economy
  7. 22. shift of an economy, or part of an economy, from private ownership to government ownership
  8. 23. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  9. 25. economic system in which supply, demand, and price system help people allocate resources and make the what, how, whom to produce decisions; same as free enterprise economy
Down
  1. 1. fundamental restructuring of the Soviet economic policy introduced by Gorbachev
  2. 2. economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good
  3. 3. central planning authority in the former Soviet Union that devised and directed Five-Year Plans
  4. 5. china's second five-year plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
  5. 6. worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
  6. 9. economic system in which private citizens own and use the factors of production in order to generate profits
  7. 10. gross domestic product on a per person basis; can be expressed in current or constant dollars
  8. 11. production process requiring large amounts of capital in relation to labor
  9. 12. independent Polish labor union founded in 1980 by Lech Walesa
  10. 13. number of people per square mile of land area
  11. 14. economic system characterized by a central authority that makes most of the major economic decisions
  12. 16. successor of the European Coal and Steel Community established in 1993 by the Maastricht treaty
  13. 18. market in which goods and services are sold illegally
  14. 19. organized way a society provides for the wants and needs of its people
  15. 21. meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global
  16. 24. certificates that could be used to purchase government-owned property during privatization