Chapter 2 Review: Economics

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Across
  1. 7. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  2. 8. worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
  3. 9. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  4. 12. gross domestic product on a per person basis; can be expressed in current or constant dollars
  5. 15. central planning authority in the former Soviet Union that devised and directed Five-Year Plans
  6. 17. shift of an economy, or part of an economy, from private ownership to government ownership
  7. 19. economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
  8. 20. independent Polish labor union founded in 1980 by Lech Walesa
  9. 22. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
  10. 23. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
  11. 24. certificates that could be used to purchase government-owned property during privatization
  12. 25. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
Down
  1. 1. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy
  2. 2. organized way a society provides for the wants and needs of its people
  3. 3. number of people per square mile of land area
  4. 4. 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
  5. 5. market in which goods and services are sold illegally
  6. 6. conversion of state-owned factories and other property to private ownership
  7. 10. established in 1993 by the Maastricht Treaty, its 28 member countries make it the largest single unified market in the world in terms of population and output
  8. 11. requiring large amounts of capital in relation to labor.
  9. 13. economic system characterized by a central authority that makes most of the major economic decisions
  10. 14. economic system in which private citizens own and use the factors of production in order to generate profits
  11. 16. 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
  12. 18. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  13. 21. economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; same as free enterprise economy