Gary economics 1

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Across
  1. 4. a good that lasts more than three years of regular use
  2. 6. a social science dealing with how to satisfy people's unlimited wants and needs
  3. 7. an economy that allocates resources based on ritual, habit, or custom
  4. 9. the process of transferring privately-owned industries to the state
  5. 10. monetary worth of a good or service as determined by the market
  6. 11. independently owned firms joined together and governed by a board of directors to regulate competition
  7. 13. an economy that combines some elements of traditional, command, and market economies
  8. 15. an economic system in which private citizens own and use the factors of production to generate profit
  9. 16. the process of transferring state-owned industries to private entities
  10. 17. fundamental problem of limited resources and unlimited wants and needs
Down
  1. 1. an economy where supply, demand, and prices dictate what is produced
  2. 2. a production process that requires large amounts of capital in relation to labor
  3. 3. an economy that is guided by a central authority which makes most of the economic decisions
  4. 5. an economic and political system where private ownership is abolished
  5. 8. a good that is a tool, equipment, or other manufactured good used to produce other goods and services
  6. 12. an economy where the government owns some factors of production and has a role in determining some of what is produced
  7. 14. the total monetary value of goods and services produced within a country per year