chapter 2 vocab

5. meeting place or arrangment through ehich buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global.
10. forced common ownership of factors of production.
11. shift of an economy/part of an economy
13. independent polish labor union founded in 1980
14. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
15. independently owned group of japenease firms joined and governed by an external bord of director.
19. economic system in which supply, demand, and the price system help people allocate resources and make the WHAT,HOW, for WHOM to produce desicions; same as free enterprise.
21. comprehensive, centralized economic plan used by the sovient union and china to coordinate development of agriculture and manufacturing.
22. economic system that has some combination of traditional, command, and market economics; also seee modified free enterprise economy.
24. chinas 2nd 5-year plan begun in 1958, which forced collectivization of ag. and rapid industrialization.
25. certification that could be used to purchase government-owned property during privatization.

1. number of people per square mile of land area.
2. worst period of economic decline in U.S. history lasting from approcimently 1929-1939.
3. economic system characterized by a central authority that makes most of the major economic decisions.
4. production process requiring large amounts of capital in relation to labor.
6. economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual,habit, or custom.
7. conversion od state-owned property to private ownership.
8. organized way a society provides for the wants and needs of its people.
9. economic system in which private citizens own and use the factors of production in order to generate profits.
12. central planning authority in the former sovient union that devised and directed 5-year plan.
16. gross domestic product on s per perdon basis.
17. fundamental restructing of the sovient economy.
18. economic and political system in which factors od production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good.
20. market in which good and services are sold illegaly.
23. successor of european coal and stell community established in 1993.