Across
- 2. market in which goods and services are sold illegally.
- 4. fundamental restricting of the Soviet economy; policy introduced by Gorbachev.
- 5. successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty.
- 8. economic system in which the government owns some factors of production and has a role in determining what and how goods are produced.
- 10. economic system in which private citizens own and use the factors of production to generate profits.
- 13. 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 as as free enterprise economy
- 19. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate the development of agriculture and industry.
- 20. shift of an economy, or part of an economy, from private ownership to government ownership.
- 21. economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit of custom.
- 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.
- 25. production process requiring large amounts of capital for labor.
Down
- 1. an economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy.
- 3. certificates that could be used to purchase government-owned property during privatization.
- 6. an independently owned group of Japanese firms joined and governed by an external board of directors to regulate competition.
- 7. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing.
- 9. Economic system characterized by a central authority that makes most of the major economic decisions.
- 11. central planning authority in the former Soviet Union that devised and directed Five-Year Plans.
- 12. 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.
- 14. gross domestic product on a per person basis: can be expressed in current or constant dollars.
- 15. independent Polish labor union founded in 1980 by Lech Walesa.
- 16. organized way a society provides for the wants and needs of its people.
- 17. conversion of state-owned factories and other property to private ownership.
- 18. worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939.
- 22. number of people per square mile of land area.
- 24. China's second Five-Year Plan, begun in 1958, which forced the collectivization of agriculture and rapid industrialization.