Ch 2-3 Vocab

5. 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
7. certificates that could be used to purchase government-owned property during privatization
8. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev.
10. gross domestic product on a per person basis; can be expressed in current or constant dollars.
12. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.
14. national policy of avoiding international alliances and economic interactions.
16. market in which goods and services are sold illegally.

1. shift of an economy, or part of an economy, from private ownership to government ownership.
2. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization.
3. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
4. entering into an activity.
6. conversion of state-owned factories and other property to private ownership.
9. independent Polish labor union founded in 1980 by Lech Walesa
11. requiring large amounts of capital in relation to labor.
13. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
15. central planning authority in the former Soviet Union that devised and directed Five-Year Plans.