Economic Systems

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Across
  1. 7. people in a communistic economy have none of this when it comes to choosing a career
  2. 9. economic systems which occur in less developed countries; allows economic decisions to be ruled by tradition; ranks religious and cultural values as more important than economics; jobs are determined according to ancestors’ jobs
  3. 12. type of economy that began at the dawn of civilization.
  4. 13. Private Enterprise Systems promote ____________________ as an important aspect of an economy.
  5. 14. country that practices socialism
  6. 15. individual who was a huge proponent of growth in the idea of Informational Economy
  7. 16. Market/Capitalism offers low amounts of _________________ control over businesses and their owners.
Down
  1. 1. economic system in which there is medium governmental control; governmental control is held over key industries such as utilities and transportation; private ownership of businesses is only allowed in non-vital industries; allows competition in smaller private sectors; citizens have the right to choose career and place of employment; practices high taxation
  2. 2. synonymous with the market/capitalist economy; emphasizes the private sector; allows ownership of resources and businesses by individuals in society; permits individuals to make economic decisions rather than the government; allows individuals to receive benefits and wages from employers
  3. 3. owner of all productive resources in a communistic economy
  4. 4. In traditional economies, __________________ and cultural values are placed ahead of economics.
  5. 5. economic system in which there is strong governmental control; all productive resources are owned and operated by the government; competition is forbidden; and citizens have little or no freedom in selecting a career or workplace; practices heavy taxation
  6. 6. way a society produces goods and services and provides and distributes these goods and services to its citizens
  7. 8. economic system which derives from the principle of individual rights; practices little governmental control; encourages private ownership of business in all sectors; supports competition in all areas; citizens have full freedom to choose career and workplace; practices moderate taxation
  8. 10. In a capitalistic economy, ________________________ is highly encouraged.
  9. 11. began as a result of inventions which led to overall industry growth