Chapter 2 Economics Vocab

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