Across
- 2. combines elements of a free market with government intervention, allowing for private enterprise while also utilizing government regulation to address potential market failures and promote social welfare
- 3. The income that people receive in return for supplying factors of production
- 5. the amount of money a business receives in excess of its expenses ( Entrepreneurs take risks in hopes of profits)
- 6. the structure of methods and principles a society uses to produce and distribute goods and services.
- 10. the process of bring new methods, products or ideas to use.
- 11. Relies on habit, custom, or ritual to answer the 3 economic questions.
Down
- 1. where the laws of supply and demand provide the sole basis for the economic system, without government intervention.
- 4. anything that motivates a person to do something.
- 7. which a centralized government controls the means of production and determines output levels.
- 8. A set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries or natural disasters
- 9. the level of material wealth and income available to a person or community.