Chapter 2 Test S3 Vocab

Question 1

Gross domestic product on a per person basis; can be expressed in current or constant dollars

Answer 1

GDP per capital

Question 2

Conversion of state- owned factories and other properties to private ownership

Answer 2

Privatization

Question 3

Entering into an activity

Answer 3

Undertaking

Question 4

Certificates that could be used to purchase government owned property during privatization

Answer 4

Vouchers

Question 5

Comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry

Answer 5

Five-year Plan

Question 6

Central planning authority in the former Soviet Union that devised and directed five year plans

Answer 6

Gosplan

Question 7

Forced common ownership of factors of production

Answer 7

Collectivization

Question 8

Fundamental restructuring of the Soviet economy

Answer 8

Perestroika

Question 9

China’s second five year plan which forced collectivization of agriculture and rapid industrialization

Answer 9

Great Leap Forward

Question 10

National policy of avoiding international alliances and economic interactions

Answer 10

Isolationism

Question 11

Shift of an economy from private ownership to government ownership

Answer 11

Nationalization

Question 12

Independent Polish labor union founded in 1980

Answer 12

Solidarity

Question 13

Established by the Maastricht Treaty- it’s 28 me er countries make it the largest single unified market in the world in terms of population and output

Answer 13

European Union (EU)

Question 14

Market in which goods and services are sold illegally

Answer 14

Black market

Question 15

Requiring large amounts of capital in relation to labor

Answer 15

Capital- intensive

Question 16

Independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition

Answer 16

Keiretsu

Question 17

Number of people per square mile of land area

Answer 17

Population density