Ch 2-3 Vocab

4. Market in which goods and services are sold illegally.
6. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization.
11. Requiring large amounts of capital in relation to labor.
13. 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. Number of people per square mile of land area.
15. Fundamental restructuring of the Soviet economy.
16. Independent Polish labor union founded in 1980 by Lech Walesa.
17. Gross domestic product on a per person basis.

1. Independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition.
2. Certificates that could be used to purchase government-owned property during privatization.
3. Forced common ownership of factors of production.
5. Conversion of state-owned factories and other property to private ownership.
7. Central planning authority in the former Soviet Union that devised and directed Five-Year Plans.
8. Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry.
9. Shift of an economy, or part of an economy, from private ownership to government ownership.
10. Entering into an activity.
12. National policy of avoiding international alliances and economic interactions.