Vocabulary 1

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Across
  1. 5. act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
  2. 6. shift of an economy, or part of an economy, from private ownership to government ownership
  3. 7. conversion of state-owned factories and other property to private ownership
  4. 10. Polish labor union founded in 1980 by Lech Wasela
  5. 12. Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
  6. 15. market in which goods and services are sold illegally
  7. 17. fundamental feature of capitalism, which allows individuals to own and control their possessions as the wish; includes both tangible and intangible property
  8. 18. certificate that could be used to purchase government-owned property during privatization
  9. 20. an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
  10. 21. gross domestic product on a per person basis; can be expressed in current or constant dollars
Down
  1. 1. successor of the European COal and Steel community established in 1993 by the Maastricht Treaty
  2. 2. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  3. 3. the struggle among sellers to attract customers
  4. 4. process requiring large amounts of capital in relation to labor
  5. 8. central planning authority
  6. 9. Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill, gases, fish oils, and other waste
  7. 11. forced common ownership of factors produces; used in former Soviet Union in agriculture and manufacturing
  8. 13. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
  9. 14. China’s second Five-Year Plan begun in 1958, which forced collectivization of agriculture and rapid industrialization
  10. 16. number of people per square mile of land
  11. 17. difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales
  12. 19. Independently owned group of Japanese firms joined and governed by an external board of directors to regulate competition