Chapter 2 Vocabulary

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