Across
- 2. economy with an economic system that is centrally controlled by a powerful government.
- 6. an agreement that is enforceable by law
- 7. economies based on customs and historical precedent.
- 8. created a free trade zone in Canada, Mexico, and the United States
- 9. economy which prevents the government from interfering with trade between individuals.
- 13. many governments implement _______ on trade.
- 14. economy where consumers make decisions on their own, without much interference from the government
- 16. The sole control of the supply of a good or service.
- 17. a tax that is a portion of the earnings of an individual or corporation that is paid to the government
- 20. an early economist who believed that the free market system was the best way to organize the economy.
Down
- 1. helps administer free trade agreements by handling various disputes and providing a forum for member nations to negotiate.
- 3. provided the ideology behind many command economies.
- 4. These nations have greater levels of political freedom, and also greater levels of economic freedom.
- 5. this nation allows less political freedom.
- 10. "____ hand" is a term Smith used to describe the influence of competition and self-interest on the economy.
- 11. a tax that is deducted from and individual's paycheck
- 12. what type of trade increases the material standards of living worldwide?
- 15. _____ freedom refers to an individual’s right to answer the three basic economic questions without interference from the government.
- 18. ____ Korea is a modern example of a command economy.
- 19. economy that combines the competition, self-interest, and profit motive of free market economies with the government regulation and restrictions of command economies.