Chapter 2 - Economics Vocab

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Across
  1. 3. market in which goods and services are sold illegally (2 words, no space)
  2. 4. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
  3. 5. 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 (2 words, no space)
  4. 8. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  5. 10. economic system in which private citizens own and use the factors of production in order to generate profits
  6. 13. 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 (2 words, no space)
  7. 18. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry (3 words, two words separated by a dash, no spaces)
  8. 19. shift of an economy, or part of an economy, from private ownership to government ownership
  9. 20. number of people per square mile of land area (2 words, no space)
  10. 21. economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom (2 words, no space)
  11. 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
  12. 25. requiring large amounts of capital in relation to labor. (2 words, separated by a dash)
Down
  1. 1. certificates that could be used to purchase government-owned property during privatization
  2. 2. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy (2 words, no space)
  3. 6. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  4. 7. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
  5. 9. economic system characterized by a central authority that makes most of the major economic decisions (2 words, no space)
  6. 11. central planning authority in the former Soviet Union that devised and directed Five-Year Plans
  7. 12. 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
  8. 14. gross domestic product on a per person basis; can be expressed in current or constant dollar (3 words, no spaces)
  9. 15. independent Polish labor union founded in 1980 by Lech Walesa
  10. 16. organized way a society provides for the wants and needs of its people (2 words, no space)
  11. 17. worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939 (2 words, no space)
  12. 22. conversion of state-owned factories and other property to private ownership
  13. 24. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization (3 words, no spaces)