Econ Lesson 3 Vocab Crossword

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Across
  1. 5. An economic system in which decisions about production and consumption are based on custom and tradition.
  2. 6. An economic system in which decisions about production and consumption are made by a powerful ruler or government.
  3. 8. A period of rapid industrial growth and development during the 1700s and 1800s.
  4. 9. An economic system in which the means of production are mostly privately owned and operated for profit.
  5. 13. An individual investor who accumulates capital, such as machinery, factories, and railroads.
  6. 15. The free market economic system.
  7. 17. A person or a group of people living together.
  8. 18. The money earned by a business after subtracting its operation costs.
  9. 20. A condition in which an economy is expanding and producing more and better goods and services.
  10. 25. A society’s way of coordinating the production and consumption of goods and services.
  11. 26. An economic system in which both the government and individuals play important roles in production and consumption; most modern economies are mixed economies.
  12. 27. The ability of people to make their own economic decisions without interference from the government.
  13. 30. Creations of the mind that have commercial value, such as inventions and works of art.
  14. 31. A market in which households sell land, labor, and capital to firms.
  15. 33. The desire to make a profit.
  16. 34. The rights of those who own land, buildings, or other goods to use or dispose of their property as they choose.
  17. 35. A condition in which everyone who wants to work can find a job.
Down
  1. 1. The fairness with which an economy distributes its resources and wealth.
  2. 2. A condition in which the goods and services people count on are available when they want them.
  3. 3. A legal protection that gives creators and publishers of books, music, software, and artistic works the sole right to distribute, perform, or display that work.
  4. 4. A diagram that shows the circular movement of money, resources, and goods and services among households and producers in an economy.
  5. 7. An economic system in which the workings of the market are not planned or directed.
  6. 10. The principle that government should not interfere with the workings of the economy; a French term meaning "let them do."
  7. 11. A market in which firms sell goods and services to households.
  8. 12. A legal protection that gives inventors the sole right to make, use, or sell their inventions for a fixed number of years.
  9. 14. An economic system in which economic decisions are left up to individual producers and consumers.
  10. 16. An agreement between a buyer and a seller.
  11. 19. An organization that uses resources to produce and sell goods or services; a business.
  12. 21. A political and economic philosophy based on collective or government ownership of a society’s resources and means of production, with the goal of achieving social and economic equality.
  13. 22. A government payment to a household or firm for which the payer receives no good or service in return; examples include Social Security checks and unemployment benefits.
  14. 23. The idea that the less fortunate members of society should get the economic support they need to live a decent life.
  15. 24. A political and economic system in which all property and wealth is collectively owned by all members of society; the final stage of socialism in Marxist theory.
  16. 28. The process by which economic decisions are made or influenced by central governments rather than by private individuals.
  17. 29. Government-financed projects such as dams, highways, and bridges.
  18. 32. Income earned when an individual sells or rents a factor of production that he or she owns; for example, wages are a factor payment made to workers in exchange for their labor.