Paxton Chapter 2 Vocab

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Across
  1. 3. Economic system in which supply, demand, and the price system help for allocation
  2. 5. Number of people per square mile of land area
  3. 6. Market where goods and services are sold illegally
  4. 7. Meeting place where buyers and sellers interact to determine price and quantity
  5. 9. Economic system in which private citizens own and use the factors of production in order to generate profits
  6. 10. Conversion of state-owned factories and other property to private ownership
  7. 11. Economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  8. 12. Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  9. 15. Certificates that could be used to purchase government owned property during privatization
  10. 16. Economic system that has some combination of traditional, command, and market economies
  11. 18. Economic system characterized by a central authority that makes most of the major economic decisions
  12. 19. Economic and political system in which the state owns and directs the factors of production, a classless society where everyone works for the common good
  13. 20. Central planning authority in the former USSR that devised and directed Five-Year plans
  14. 21. Fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
  15. 23. Worst period of economic decline in U.S history, 1929-1939
  16. 24. Economic system in which the allocation of scarce resources and other economic activity is from customs
Down
  1. 1. China’s second Five-Year plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
  2. 2. Independent Polish labor union founded in 1980 by Lech Walesa
  3. 4. Forced common ownership of factors of production; used in former Soviet Union in agriculture and manufacturing
  4. 8. Shift of an economy, or part of an economy, from private ownership to government owner ship
  5. 13. Successor of the European coal and steel community, established in 1993 by the Maastricht Treaty
  6. 14. Gross domestic product on a per person basis; can be expressed in current and constant dollars
  7. 17. Organized way a society provides for the wants and needs of its people
  8. 22. Independentally owned group of Japanese firms joined and governed by an external board of directors in order to regular competition