Across
- 5. act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise
- 6. shift of an economy, or part of an economy, from private ownership to government ownership
- 7. conversion of state-owned factories and other property to private ownership
- 10. Polish labor union founded in 1980 by Lech Wasela
- 12. Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
- 15. market in which goods and services are sold illegally
- 17. fundamental feature of capitalism, which allows individuals to own and control their possessions as the wish; includes both tangible and intangible property
- 18. certificate that could be used to purchase government-owned property during privatization
- 20. an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
- 21. gross domestic product on a per person basis; can be expressed in current or constant dollars
Down
- 1. successor of the European COal and Steel community established in 1993 by the Maastricht Treaty
- 2. comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
- 3. the struggle among sellers to attract customers
- 4. process requiring large amounts of capital in relation to labor
- 8. central planning authority
- 9. Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill, gases, fish oils, and other waste
- 11. forced common ownership of factors produces; used in former Soviet Union in agriculture and manufacturing
- 13. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev
- 14. China’s second Five-Year Plan begun in 1958, which forced collectivization of agriculture and rapid industrialization
- 16. number of people per square mile of land
- 17. difference between the revenue from sales and the full opportunity cost of resources involved in producing the sales
- 19. Independently owned group of Japanese firms joined and governed by an external board of directors to regulate competition