Economics Review
Across
- 3. the struggle among producers for the dollars of consumers
- 7. an organization that uses resources to produce a product, which it then sells
- 9. planned economy the central government alone decides how to answer all three key economic questions
- 10. of living level of economic prosperity
- 11. enterprise an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
- 14. economy an economy that relies on habit, custom, or ritual to decide what to produce, how to produce it, and whom to distribute it to
- 16. economies another name for centrally planned economies
- 18. the financial gain made in a transaction
- 19. a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
- 20. and expectation that encourages people to behave a certain way
Down
- 1. hand term economist use to describe the self-regulating nature of the marketplace
- 2. a person or group of people living in the same residence
- 4. an arrangement that allows buyers and sellers to exchange thing
- 5. economy economic decisions are made by individuals and are based on exchange, or trade
- 6. economy market based economic systems in which government plays a limited role
- 8. period of change in which an economy moves away from a centrally planned economy toward a market-based system
- 10. net set of government programs that protect people experiencing unfavorable economic conditions
- 12. system the method used by a society to produce and distribute goods and services
- 13. one's own personal gain
- 15. to sell state-run firms to individuals
- 17. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government