Across
- 5. An economic system in which decisions about production and consumption are based on custom and tradition.
- 6. An economic system in which decisions about production and consumption are made by a powerful ruler or government.
- 8. A period of rapid industrial growth and development during the 1700s and 1800s.
- 9. An economic system in which the means of production are mostly privately owned and operated for profit.
- 13. An individual investor who accumulates capital, such as machinery, factories, and railroads.
- 15. The free market economic system.
- 17. A person or a group of people living together.
- 18. The money earned by a business after subtracting its operation costs.
- 20. A condition in which an economy is expanding and producing more and better goods and services.
- 25. A society’s way of coordinating the production and consumption of goods and services.
- 26. An economic system in which both the government and individuals play important roles in production and consumption; most modern economies are mixed economies.
- 27. The ability of people to make their own economic decisions without interference from the government.
- 30. Creations of the mind that have commercial value, such as inventions and works of art.
- 31. A market in which households sell land, labor, and capital to firms.
- 33. The desire to make a profit.
- 34. The rights of those who own land, buildings, or other goods to use or dispose of their property as they choose.
- 35. A condition in which everyone who wants to work can find a job.
Down
- 1. The fairness with which an economy distributes its resources and wealth.
- 2. A condition in which the goods and services people count on are available when they want them.
- 3. A legal protection that gives creators and publishers of books, music, software, and artistic works the sole right to distribute, perform, or display that work.
- 4. A diagram that shows the circular movement of money, resources, and goods and services among households and producers in an economy.
- 7. An economic system in which the workings of the market are not planned or directed.
- 10. The principle that government should not interfere with the workings of the economy; a French term meaning "let them do."
- 11. A market in which firms sell goods and services to households.
- 12. A legal protection that gives inventors the sole right to make, use, or sell their inventions for a fixed number of years.
- 14. An economic system in which economic decisions are left up to individual producers and consumers.
- 16. An agreement between a buyer and a seller.
- 19. An organization that uses resources to produce and sell goods or services; a business.
- 21. A political and economic philosophy based on collective or government ownership of a society’s resources and means of production, with the goal of achieving social and economic equality.
- 22. A government payment to a household or firm for which the payer receives no good or service in return; examples include Social Security checks and unemployment benefits.
- 23. The idea that the less fortunate members of society should get the economic support they need to live a decent life.
- 24. A political and economic system in which all property and wealth is collectively owned by all members of society; the final stage of socialism in Marxist theory.
- 28. The process by which economic decisions are made or influenced by central governments rather than by private individuals.
- 29. Government-financed projects such as dams, highways, and bridges.
- 32. Income earned when an individual sells or rents a factor of production that he or she owns; for example, wages are a factor payment made to workers in exchange for their labor.