Economics Vocabulary

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Across
  1. 3. An example of the means of production in an economy
  2. 4. In this type of economy, the government owns the factories
  3. 8. new or recent
  4. 9. France and Spain are on this continent
  5. 11. In this type of government, power is passed down through families
  6. 14. one of the two countries that engaged in the Cold War
  7. 17. Under communism, there is no private
  8. 18. the way something is made to happen; resources
  9. 19. Washington, D.C. is closest to this ocean
  10. 20. Democracy is the system in the U.S.
  11. 21. In this economic system, the government does not get involved in the economy
  12. 22. Adam Smith used this phrase to describe competition in the marketplace
Down
  1. 1. In a capitalist society, the means of production are owned
  2. 2. things people buy and sell
  3. 5. capital
  4. 6. A time of big changes
  5. 7. Earning money for work is known as wage
  6. 8. Capitalism is based on a free
  7. 10. In socialist economies, wealth is divided
  8. 12. A large land mass
  9. 13. Voting is an important element of this type of government
  10. 15. people living together in an organised community
  11. 16. Japan and Hawaii are islands in this ocean