Ch 1 Lesson 3 Vocab

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Across
  1. 2. the structure a society uses to produce, distribute, and consume goods and services answering what, how, and for whom to produce
  2. 4. an economic system combining private and public enterprise.
  3. 6. an economic model characterized by private ownership, minimal government intervention, and market-driven decisions based on competition, supply, and demand
  4. 7. an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Down
  1. 1. the fair and just distribution of resources, opportunities, and wealth within a society
  2. 3. an economy in which production, investment, prices, and incomes are determined centrally by a government.
  3. 5. a system based on customs, history, and beliefs, where economic decisions—what to produce how to produce it and for whom are guided by ancestral traditions.
  4. 6. the income households receive from businesses in exchange for supplying land, labor, capital, and entrepreneurship