Understanding Economics Chapter 2 lesson 3

3. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
8. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
9. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
10. density number of people per square mile of land area
11. independently owned a group of Japanese firms joined and governed by an external board of directors in order to regulate competition
13. conversion of state-owned factories and other property to private ownership.
15. requires large amounts of capital in relation to labor.
16. independent Polish labor union founded in 1980 by Lech Walesa

1. certificates that could be used to purchase government-owned property during privatization.
2. goods and services are sold illegally
4. central planning authority in the former Soviet Union that devised and directed Five-Year Plans
5. national policy of avoiding international alliances and economic interactions
6. shift of an economy, or part of an economy, from private ownership to government ownership
7. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
12. established in 1993 by the Maastricht Treaty, its 28 member countries make it the largest single unified market in the world in terms of population and output
14. entering into an activity