Across
- 3. The "Invisible Hand" means there is less ___________ involvement.
- 6. Adam Smith wrote a book about capitalism entitled, "The ___________ of Nations".
- 7. The 4 factors of production are Land, labor, entrepreneurship & ___________.
- 8. The study of economics of an entire country.
- 10. Another name for a command economy is this. Ends in "ism"
- 12. Tools are an example of this factor of production.
- 13. The first level of the channel of distribution is the ___________ (in our example, the farmer).
- 14. Coal is an example of which factor of production?
- 16. Adam ___________ is known as the "Father of Economics".
Down
- 1. Another name for market economy is this. Ends in "ism"
- 2. Economics is the study of the way a nation (or business or person) uses its limited resources to satisfy ___________ wants and needs.
- 4. Human resources is another name for this factor of production.
- 5. Examples of this type of economic system include Haiti, Alaska, Canada & Greenland. Ends in "ism"
- 6. The 3 basic economic questions a nation must answer are: (1) What goods and services will be produced, (2) How should the goods and services be produced and (3) For ___________ should the goods and services be produced?
- 9. Mixed economy is another name for ___________. Ends in "ism"
- 11. The study of economics of a small unit, such as a family or business.
- 15. This means that all resources are limited.