Jess Rausher Chapter 2

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Across
  1. 3. Economic system in which supply, demand, and the price system help people allocate resources and make WHAT, HOW, and FOR WHOM to production decisions; same as free enterprise economy.
  2. 4. Worst period of economic decline in U.S. history, lasting approximately 1929-1939.
  3. 6. Market in goods/services are sold illegally.
  4. 7. Production process requiring large amounts of capital in relation to labor.
  5. 11. Economic system where the allocation of scarce resources & other economic activity is the result of ritual, habit, or custom.
  6. 12. China's 2nd five-year plan in 1958, forced collectivization of agriculture & rapid Industrialization.
  7. 13. Forced common ownership of factors of production; used in former soviet union in agriculture and manufacturing.
  8. 14. Certificates that could be used to purchase government-owned property during privatization.
  9. 17. Meeting place or arrangement through buyers/sellers interact to determine price and quantity of economic production; may be local, regional, national, or global.
  10. 18. Shift of economy or part of economy, private ownership to government ownership.
  11. 20. Economic system has some combination of traditional, command, and market economies; also see modified free enterprise economy.
  12. 22. GDP on per person basis; can be expressed in current or constant dollars.
  13. 23. Economic system the government owns some factors of production & has a role in determining what and how goods are produced.
  14. 24. Economic system characterized by a central authority that makes most of the major economic decisions.
  15. 25. Compromised centralized economic plan used by soviet union & china to coordithe nate development of agriculture and Industrialism
Down
  1. 1. Number of people per mile squared of land area.
  2. 2. Successor of European coal & steel community est. 1993 by Maastricht Treaty.
  3. 5. Conversion of state-owned factories & other property to private ownership.
  4. 8. Organized way society provides for the wants/needs of people.
  5. 9. Fundamental restructure of soviet economy; policy introduced by Gorbachev.
  6. 10. Independent owned group of Japanese firms joined and governed by extensive B.O.D. to regulate company.
  7. 15. Economic system in which private citizens own/use factors of production to generate profits.
  8. 16. Economic & political system in which factors of production are collectively owned and directed by state; Theoretically classless society where everyone works for common good.
  9. 19. Independent polish labor union founded in 1980 by Lech Walesa.
  10. 21. Central planning authority in former soviet union devised & directed five-year plan.