ECON CH 2

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Across
  1. 2. conversion of state-owned factories and other property to private ownership
  2. 6. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  3. 7. independent Polish labor union founded in 1980 by Lech Walesa
  4. 9. number of people per square mile of land area
  5. 10. central planning authority in the former Soviet Union that devised and directed Five-Year Plans
  6. 12. 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
  7. 14. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
  8. 15. 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
  9. 16. distribution
  10. 18. market in which goods and services are sold illegally
  11. 19. economic system characterized by a central authority that makes most of the major economic decisions
  12. 21. entering into an activity
  13. 23. requiring large amounts of capital in relation to labor.
  14. 25. economic system in which the government owns some factors of production and has a role in determining what and how goods are produced
  15. 26. economic system in which private citizens own and use the factors of production in order to generate profits
  16. 28. stressing
  17. 29. 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
Down
  1. 1. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
  2. 3. worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
  3. 4. certificates that could be used to purchase government-owned property during privatization
  4. 5. economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
  5. 7. lack of movement
  6. 8. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy
  7. 11. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
  8. 13. national policy of avoiding international alliances and economic interactions
  9. 17. organized way a society provides for the wants and needs of its people
  10. 20. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  11. 22. shift of an economy, or part of an economy, from private ownership to government ownership
  12. 24. gross domestic product on a per person basis; can be expressed in current or constant dollars
  13. 27. 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