Economic Systems

4. Market economies are sometimes also called _______.
5. An economic system that balances responsibility and decisions between government and individuals, and that protects the interest of producers and consumers equally.
8. The third question of economics asks "___ should things be produced for?"
9. This is another word for a command economy (think North Korea or the Soviet Union)
11. A mixed economy may also be called ________, because it tries to look after all members of society.
12. An economic system where things are done according to longstanding social customs.

1. A condition when there are not enough resources to satisfy people's wants and needs.
2. This economic system features heavy control by the government over production and prices, with almost no economic choices made by individuals
3. The first question of economics asks "____ should be produced?"
5. An economic system with a high degree of individual freedom for producers and consumers, and little or no government interference.
6. The amount of money a business makes after all of its expenses are met is known as _______.
7. The second question of economics asks "How should things be ________?"
10. Exchanging goods and services for other goods and services, rather than using money