Econ. Chap. 2 Vocab

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