Across
- 2. Market in which goods and services are sold illegally
- 3. Economic system in which supply, demand, and the price system help people allocate resources and makes the what, how, and for whom to produce decisions; same as free enterprise economy
- 6. Organized way a society provides for the wants and needs of its people
- 7. Conversion of state-owned factories and other property to private ownership
- 8. Central planning authority in the former Soviet Union that devised and directed the five year plans
- 10. Economic system in which private citizens own and use the factors of production in order to generate profits
- 11. China's second five year plan, began in 1958, which forced collectivization of agriculture and rapid industrialization
- 13. Economic system characterized by a central authority that makes most of the major economic decisions
- 16. Worst period of economic decline in United States history, lasting from approximately 1929-1939
- 20. Production process requiring large amounts of capital in relation to labor
- 22. Meeting place or arrangement through which buyers and sellers interact to determine price and quantity of economic product; may be local, regional, national, or global
- 23. Economic system in which government owns some factors of production and has a role in determining what and how goods are produced
- 24. Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
- 25. Economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good
Down
- 1. NUmber of people per square mile of land area
- 4. Independent owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
- 5. GDP on a per person basis; can be expressed in current or standard dollars
- 9. Economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
- 12. Fundamental restructuring of the Soviet Union economy; policy introduced by Gorbachev
- 14. Shift of an economy or part of an economy, from private ownership to government ownership
- 15. Successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty
- 17. Independent Polish labor union founded in 1980 by Lech Walesa
- 18. System that has some combination of traditional, command, and market economies; also see modified free enterprise economy
- 19. Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
- 21. Certificates that could be used to purchase government owned property during privatization