Economic Vocab Chapter 2

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