Ch 2-3 Vocab

3. of an economy, or part of an economy, from private ownership to government ownership.
4. planning authority in the former Soviet Union that devised and directed Five-Year Plans.
7. density:number of people per square mile of land area.
9. Polish labor union founded in 1980 by Lech Walesa.
10. into an activity.
11. common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.
13. large amounts of capital in relation to labor.
14. Leap Forward:China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization.
15. of state-owned factories and other property to private ownership.

1. policy of avoiding international alliances and economic interactions.
2. Plan:comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry.
3. owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition.
5. that could be used to purchase government-owned property during privatization.
6. market:market in which goods and services are sold illegally.
8. restructuring of the Soviet economy; policy introduced by Gorbachev.
9. GDP per capita:gross domestic product on a per person basis; can be expressed in current or constant dollars.
12. Union (EU):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.