H. Econ Vocab Chap 2

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Across
  1. 4. market market in which goods services are sold illegally
  2. 7. successor of the european coal and steel community established in 1993 by the maastricht treaty
  3. 10. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  4. 11. conversion of state-owned factories and other property to private ownership
  5. 12. independent polish labor union founded in 1980 by Lech Walesa
  6. 13. forced common ownership of factors of production; used in the former soviet union in agriculture and manufacturing
  7. 14. independantly owned group of japanese firms joined and governed by an external board of directors in order to regulate competition
  8. 15. economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classles society in which everyone works for the common good
  9. 16. china’s second five-year plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
  10. 17. _____ economy-economic system characterized by a central authority that makes most of the major economic decisions
  11. 19. central planning authority in the former soviet union that devised and directed five-year plans
  12. 20. ____ economy- economic system in which the allocation of scarce resources and other economic activity, is the result of ritual, habit, or custom
  13. 21. comprehensive, centralized economic plan used by the soviet union and china to coordinate development of agriculture and industry
  14. 22. fundamental restructuring of the soviet economy; policy introduced by gorbachev
  15. 23. 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
  16. 24. certificates that could be used to purchase government-owned property privatization
Down
  1. 1. economic system in which private citizens own and use teh factors of production in order to generate profits
  2. 2. shift of an economy, or part of an economy from private ownership to government ownership
  3. 3. production process requiring large amounts of capital in relation to labor
  4. 5. number of people per square mile of land area
  5. 6. 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
  6. 8. gross domestic product on a per person basis;can be expressed in current or constant constant dollars
  7. 9. organized way a society provides for the wants and needs of its people
  8. 18. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy