Chapter 2

4. conversion of state-owned factories and other property to private ownership
6. economic system in which private citizens own and use the factors of production in order to generate profits
9. certificates that could be used to purchase government-owned property during privatization
11. fundamental restructuring of the Soviet economy; policy introduced by gorbachev
14. number of people per square mile of land area
16. economic system in which the allocation of scarce resources, and other economic activity is the result of ritual, habit, or custom
17. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
18. central planning authority in the former Soviet Union that devised and directed Five-Year plans
19. worst period of economic decline in the US history, lasting from aprox. 1929 to 1939
22. number of people per square mile of land area
23. 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
24. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
25. ecnonomic system characterized by a central authority that makes most of the major economic decisions

1. China's second Five Year Plan begun in 1958, which forced collectivization of agriculture and rapid industrialization
2. market in which goods and services are sold illegally
3. independently owned group of Japanese firms joined and government by and external board of directors in order to regulate competition
5. economic system that hs some combination of traditional, command, and market economies; also see modified free enterprise economy
7. independent Polish labor union formed by Lech Walesa
8. 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 a free enterprise economy
10. organized way a society provides for the wants and needs of its people
12. gross domestic product on a per person basis; can be expressed in current or constant dollars
13. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
15. 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
20. successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty
21. shift of an economy, or part of an economy, from private ownership to government ownership