Chapter 2 Economics Vocabulary

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Across
  1. 2. Market in which goods and services are sold illegally
  2. 3. Economic system in which supply, demand, and the price system help people allocate resources and makes the what, how, and for whom to produce decisions; same as free enterprise economy
  3. 6. Organized way a society provides for the wants and needs of its people
  4. 7. Conversion of state-owned factories and other property to private ownership
  5. 8. Central planning authority in the former Soviet Union that devised and directed the five year plans
  6. 10. Economic system in which private citizens own and use the factors of production in order to generate profits
  7. 11. China's second five year plan, began in 1958, which forced collectivization of agriculture and rapid industrialization
  8. 13. Economic system characterized by a central authority that makes most of the major economic decisions
  9. 16. Worst period of economic decline in United States history, lasting from approximately 1929-1939
  10. 20. Production process requiring large amounts of capital in relation to labor
  11. 22. Meeting place or arrangement through which buyers and sellers interact to determine price and quantity of economic product; may be local, regional, national, or global
  12. 23. Economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  13. 24. Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  14. 25. 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
Down
  1. 1. NUmber of people per square mile of land area
  2. 4. Independent owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  3. 5. GDP on a per person basis; can be expressed in current or standard dollars
  4. 9. Economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
  5. 12. Fundamental restructuring of the Soviet Union economy; policy introduced by Gorbachev
  6. 14. Shift of an economy or part of an economy, from private ownership to government ownership
  7. 15. Successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty
  8. 17. Independent Polish labor union founded in 1980 by Lech Walesa
  9. 18. System that has some combination of traditional, command, and market economies; also see modified free enterprise economy
  10. 19. Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
  11. 21. Certificates that could be used to purchase government owned property during privatization