Economic Systems

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Across
  1. 2. Economic system in which prices and wages are determined by unrestricted competition between businesses, without government intervention
  2. 7. Scottish economist and philosopher was known as the father of modern economics
  3. 8. German philosopher and economist known for his theories on communism and the labor theory of value
  4. 9. Economic system in which resources are owned and controlled by the government or the state
  5. 11. The study of how people and societies use limited resources to satisfy their unlimited wants and needs
Down
  1. 1. Economic system in which resources are allocated based on customs, traditions, and beliefs
  2. 3. Sector of the economy that is controlled by the government and includes public services
  3. 4. The exchange of goods and services across international borders
  4. 5. Sector of the economy that is controlled by individuals or private companies
  5. 6. Agreement that established a free trade zone between the United States, Canada, and Mexico
  6. 10. Economic system that combines elements of both the command and market economies