Economics Chapter 2

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