Economic Systems

2. International organization that helps resolve conflict about trade agreements.
5. Process of using goods and services to satisfy needs or wants.
7. Process of creating goods or services to satisfy needs or wants.
9. Philosopher who believed in eliminating private property and class distinction.
12. Policy of restricting the imports of other countries to protect domestic jobs and industries.
14. Adam Smith's philosophy wanting minimal government intervention in business affairs.
15. Trade agreement between the US, Mexico, and Canada to remove tariffs and trade barriers among each other.
16. Invisible ____, nature of a free market where competition leads to the most efficient economy.

1. Rivalry between businesses or individuals to produce and sell goods and services.
3. Economic system in which decisions are based on historical precedent.
4. The class in Karl Marx's theory that owns the means of production.
6. _____ economy, economic system that combines free market and command economy elements.
8. _______ economy, system where the government makes all economic decisions.
10. ____ market economy.economic system where individuals and businesses make decisions with little government interference.
11. Limits from the government on how many of a specific product can be imported in a given time.
13. Taxes from the government on imported goods.