Chapter 2 Lesson 3 Vocab Flashcards
Population density
number of people per square mile of land area—in the world.
South Korea
Keiretsu
, a tightly knit group of firms governed by an external board of directors
Capital intensive
methods of production that use large amounts of capital for every person employed—rather than labor-intensive
Solidarity
independent and sometimes illegal labor union established in 1980.
European Union (EU)
the association of European nations created in 1993 to develop a single market with full economic and political cooperation.
Black market
a market in which entrepreneurs and merchants sell goods illegally.
Nationalization
the conversion of private property to government ownership, of several major energy companies has halted the full transition to capitalism.
Great Leap Forward
an attempt to revolutionize industrial and agricultural production almost overnight.
Perestroika
the restructuring of the Soviet economy. Under the restructuring, plant managers had more freedom to pursue profits, and small business was encouraged.
Collectivization
the forced common ownership of all agricultural and industrial enterprises.
Gosplan
was the central authority that devised the plans and directed overall economic activity
Five year plan
a comprehensive, centralized economic plan designed to achieve rapid industrialization—was introduced by Joseph Stalin in 1927.
Vouchers
certificates that could be used to purchase government-owned property
Privatization
or the conversion of state-owned factories and other property to private ownership, must be accomplished.
Undertaking
business ventures involving risk
GDP per capita
or GDP per person, in those countries is still lower than those in other capitalist countries.
