Across
- 1. An economic system combining elements of both free markets and government intervention (e.g., the United States).
- 3. An economic system in which the government makes all major economic decisions regarding production, pricing, and distribution (e.g., North Korea).
- 4. A term coined by Adam Smith describing how individual self-interest and competition in a free market unintentionally benefit society by efficiently allocating resources.
- 7. The process by which individuals, businesses, or nations focus on producing specific goods or services efficiently, often leading to increased productivity and trade.
- 10. A place or system where buyers and sellers interact to exchange goods, services, or resources. It can be physical (e.g., a farmers' market) or virtual (e.g., stock markets).
- 11. An economic system based on customs, traditions, and barter, often found in rural or tribal communities.
- 12. A marketplace where productive resources (land, labor, capital, and entrepreneurship) are bought and sold (e.g., labor markets where workers are hired).
Down
- 2. Rewards or punishments that influence people's choices and behaviors in economic decision-making (e.g., bonuses for workers, tax breaks for businesses).
- 5. An economic system in which the government owns or controls major industries and resources, aiming to distribute wealth more equally among citizens.
- 6. A business organization that produces goods or services for sale in order to earn a profit.
- 8. A marketplace where final goods and services are bought and sold by consumers and businesses.
- 9. An economic system where prices and production are determined by supply and demand with minimal government intervention.