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Economics Chapter 2


Date:______________ Period:____________
A production process requiring large amounts of capital in relation to labor
Successor of the European Coal and Steel Community established in 1933 by the Maastricht Treaty
This type of an economy is an Economic system in which the allocation of scarce resources, and other economic activity is the result of ritual, habit, or custom
Worst period of economic decline in US History, lasting from 1929 to 1939
Independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
Number of people per square mile of land area
Market in which goods and services are sold illegally
A meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product
An organized way a society provides for the wants and needs of its people
An 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
This type of an economy is an economic system characterized by a central authority that makes most of the major economic decisions
Shift of an economy, or part of an economy, from private ownership to government ownership
China’s second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization
This type of an economy is an economic system that has some combination of Traditional, Command, and Market Economies
Conversion of state-owned factories and other property to private ownership
A central planning authority in the former Soviet Union that devised and directed Five-Year Plans
Forced common ownership of factors of production, used in the former Soviet Union in agriculture and manufacturing
Independent Polish labor union founded in 1980 by Lech Walesa
A comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
An Economic system in which private citizens own and use the factors of production in order to generate profits
Certificates that could be used to purchase government-owned property during privatization
An economic system in which government some factors of production and has a role in determining what and how goods are produced
This type of an economy is an 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