Across
- 2. economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; same as free enterprise economy
- 3. complete, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
- 5. central planning authority in the former Soviet Union that created and directed Five-Year Plans
- 7. market in which goods and services are sold illegally
- 8. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
- 10. conversion of state-owned factories and other property to private ownership
- 19. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
- 20. economic system characterized by a central authority that makes most of the major economic decisions
- 21. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
- 22. organized way a society provides for the wants and needs of its people
- 24. independent Polish labor union founded in 1980 by Lech Walesa
- 25. China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
Down
- 1. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
- 4. 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
- 6. shift of an economy, or part of an economy, from private ownership to government ownership
- 9. number of people per square mile of land area
- 11. certificate that people could use to buy government-owned property during privatization
- 12. economic and political system in which factors of production are collectively owned and directed by the state; based on a theoretically classless society in which everyone works for the common good
- 13. economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
- 14. gross domestic product on a per person basis; can be expressed in current or constant dollars
- 15. production process requiring large amounts of capital in relation to labor
- 16. worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939
- 17. economic system in which private citizens own and use the factors of production in order to generate profits
- 18. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy
- 23. meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global