Chapter 3 Econ Vocab

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Across
  1. 6. economic system in which private citizens own and use factors of production to make profit
  2. 8. allocation of scarce resources and economic activity is the result of a ritual/habit/custom
  3. 11. central planning authority in the former Soviet Union that devised and directed five-year plans
  4. 12. organized way of society that provides for the wants/needs of the people
  5. 13. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  6. 16. gross domestic product on a per person basis
  7. 17. successor of the European Coal and Steel Community established in 1993 by the Mastricht Treaty
  8. 18. independent Polish labor union founded in 1980 by Lech Walesa
  9. 19. number of people per square mile of land area
  10. 22. worst period of economic decline in U.S. history, lasting from approx. 1929-1939
  11. 23. China's second five-year plan beginning in 1958
  12. 24. meeting place or arrangement through which buyers and sellers interact to determine price/quantity of an economic product
  13. 25. comprehensive, centralized economic plan used by the Soviet Union and China
Down
  1. 1. economic and political system in which factors of production are collectively owned and directed by the state
  2. 2. economic system in which supply/demand/price system help people allocate resources and make WHAT/HOW/WHOM decisions
  3. 3. economic system in which govt. owns some factors of production, determines what/how goods are produced
  4. 4. forced common ownership of factors of production
  5. 5. conversion of state-owned factories and other property to private ownership
  6. 7. certificates that could be used to purchase govt. owned property during privatization
  7. 9. shift of an economy, or part of an economy, from private ownership to govt. ownership
  8. 10. economic system characterized by a central authority that makes most major economic decisions
  9. 14. market in which goods and services are sold illegally
  10. 15. fundamental restructuring of the Soviet economy
  11. 20. economic system that has some combination of traditional, command, and market economies
  12. 21. production processes requiring large amounts of capital in relation to labor