Chapter 2 Vocab

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Across
  1. 3. Economic system in which the allocation of scarce resources and other economic activity is the result if ritual, habit, or custom
  2. 4. Gross domestic product on a per person basis
  3. 5. Organized way a society provides for the wants and needs of its people
  4. 8. A theoretically classless society in which everyone works for the common good
  5. 11. Market in which goods and services are sold illegally
  6. 12. Fundamental restructuring of the soviet economy
  7. 14. Comprehensive, centralized economic plan used by the soviet union and china to coordinate development of AG and Industry
  8. 16. successor of the European coal and steel Community est. in 1993 by the MaastrichtTreaty
  9. 18. Worst Period of economic decline in U.S. History
  10. 19. Central planning authority in the former soviet union
  11. 20. Certificates that could be used to purchase government owned property during privatization
  12. 22. Economic System in which there is some combination of traditional, command, and the market economies
  13. 23. conversion of state-owned factories and other property to private ownership
  14. 24. Economic system in which private citizens own and use the factors of production in order to generate profits
  15. 25. Independent polish labor union founded in 1980 by Lech Walesa
Down
  1. 1. Forced commmon ownership of the factors of production
  2. 2. Economic System in which supply, demand, and the price system help people allocate resources aand make the what, how, and for whom to produce decisions
  3. 6. Economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  4. 7. Meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product
  5. 9. Economic System characterized by a central authority that makes most of the major economic decisions
  6. 10. Productive process requiring large amounts of capita in relation to labor
  7. 13. Number of people per square mile of land area
  8. 15. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  9. 17. Shift of an economy, or part of an economy, from private ownership to Government ownership
  10. 21. China’s second 5 year plan