Economics Vocabulary

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Across
  1. 2. when there isn’t enough something to go around
  2. 7. economic system which there is no private ownership of property and little or no political freedom
  3. 8. the market determines prices, products, and services rather than the government. Businesses and services are free of government control.
  4. 9. How much it costs to buy a product.
  5. 11. How much there is of a product.
  6. 13. an economic system that has elements of command and market economies
  7. 14. trade and industry are controlled by private owners for profit.
  8. 15. the quantity of goods or service that people are willing to buy at a given price
Down
  1. 1. No shortage or surplus- the supply and demand are equal
  2. 3. traditions, customs, and beliefs help shape the goods and services the economy produces
  3. 4. the quantity demanded is greater than the quantity supplied
  4. 5. the quantity supplied is greater than the quantity demanded,
  5. 6. the quantity of goods that producers are willing to sell at a given price
  6. 10. Economy government controls everything including what is produced, prices, and incomes.
  7. 12. something that motivates or encourages you to do something