Across
- 3. the study of the production, distribution, and consumption of goods and services.
- 4. a free market system in which competition dictates how goods and services will be allocated. Business is conducted with only limited government involvement. The economies of the United States and other countries, such as Japan, are based on this
- 8. A system that relies on both markets and the government to allocate resources.
- 10. the means by which a society (households, businesses, and government) makes decisions about allocating resources to produce products and about distributing those products.
Down
- 1. The process of converting businesses previously owned by the government to private ownership
- 2. when industries that provide essential services, such as utilities, banking, and health care, may be government-owned. Other businesses are owned privately. Central planning allocates the goods and services produced by government-run industries and tries to ensure that the resulting wealth is distributed equally.
- 5. a planned system, in which the government exerts control over the allocation and distribution of all or some goods and services.
- 6. The raw materials, people, and equipment used to produce a product
- 7. The economic system in which most businesses are owned and operated by individuals
- 9. the inputs used to produce outputs.