Economic Systems

2. Group that helps countries follow rules for global trade and settles trade disagreements.
5. Economy based on customs and past traditions; people usually do the same work as parents.
8. Taxes placed on goods from other countries to protect jobs or industries at home.
10. Idea that the government should stay out of the economy as much as possible.
11. Economist who supported free markets and believed in the “invisible hand.”
13. How much people want a product or service and are willing to pay for it.
15. The next best thing you give up when you make a choice.
18. In Marx's theory, the rich class who owned most of the property.
20. A place (real or online) where goods and services are bought and sold.

1. In Marx's theory, the working class who had to sell their labor.
3. The way countries are connected through trade and businesses across borders.
4. Economist who wanted shared ownership and inspired command economies.
6. Trade agreement between the U.S., Mexico, and Canada that removed barriers to trade.
7. When there are limited resources to meet unlimited wants.
9. Economy that combines free market and government involvement.
12. The ability to make your own choices about money, jobs, and business.
14. Type of market where people and businesses make most economic decisions on their own.
16. System where the government controls what is made, how, and for whom.
17. The money a business makes after paying for costs.
19. The amount of a product or service that is available for people to buy.