vocab

2. an attempt to revolutionize industrial and agricultural production almost overnight.
4. a market in which entrepreneurs and merchants sell goods illegally.
5. is important because entrepreneurs want to be rewarded for undertaking business ventures involving risk.
8. or GDP per person, in those countries is still lower than those in other capitalist countries.
11. the restructuring of the Soviet economy.
12. the independent and sometimes illegal labor union established in 1980
13. the conversion of private property to government ownership, of several major energy companies has halted the full transition to capitalism.
14. was the central authority that devised the plans and directed overall economic activity. It tried to manage the economy by assigning production quotas to all Soviet industries.
15. a comprehensive, centralized economic plan designed to achieve rapid industrialization
16. many Latin American countries followed a path of economic development that combined socialism and
17. a tightly knit group of firms governed by an external board of directors.

1. were certificates that could be used to purchase government-owned property.
3. the forced common ownership of all agricultural and industrial enterprises.
6. methods of production that use large amounts of capital for every person employed
7. number of people per square mile of land area—
9. a formal pledge or promise to do something.
10. the association of European nations created in 1993 to develop a single market with full economic and political cooperation.