Across
- 5. An individual's right to answer the 3 basic economic questions without interference from the government.
- 6. Provided the ideology behind many command economies; thought capitalist systems promoted inequality and divided society into the proletariat and bourgeoisie classes.
- 7. If an American business is outsourcing work to a third party company located in another country; the relocation of a company's production to another country.
- 9. Combines the competition, self-interest, and profit motive of free market economies with the government regulations and restrictions of command economies.
- 10. An early economist, believed the free market system was the best way to organize the economy.
Down
- 1. Economic system based on customs and historical precedent.
- 2. Government officials decide how to answer the 3 basic economic questions, since property and resources are owned by the state.
- 3. Adds to the number of potential workers in the country, increasing the supply off labor.
- 4. Occurs when a business delegates certain responsibilities to a third party company.
- 8. Individuals in this economic system are able to decide what good s and services should be produced, how they should be produced, and for whom they are produced.