myia chapter 2 vocab

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