Types Of Economies

123456789101112
Across
  1. 4. How a country makes money / how things are bought and sold
  2. 7. A book written by Adam Smith that explains how countries become rich through trade, competition, and free markets.
  3. 8. An economic system where the money, usually jobs and companies, are owned and controlled by the government.
  4. 11. Natural resources used to make products, such as wood, cotton, coal, or iron.
  5. 12. is both an economic and government system based on COMPLETE government ownership of everything, jobs, buildings, houses, etc. All jobs are working for the government and instead of a wage the government decides who gets what and how much you get.
Down
  1. 1. Items made from raw materials, usually in factories, like cars, clothing, or electronics.
  2. 2. an economic system based around “laissez-faire” government or “hands off” government & PRIVATE ownership
  3. 3. A French phrase meaning “let do” or “let it be.” It refers to the idea that the government should not interfere much in the economy.
  4. 5. The money a business has left after paying all its costs and expenses
  5. 6. A Scottish economist who wrote The Wealth of Nations in 1776. He is known as the “father of capitalism” because he explained how free markets work best when people make their own economic choices.
  6. 9. Debts or money a business owes to others, such as loans or unpaid bills
  7. 10. The total money a business earns from sales before subtracting expenses.