Across
- 2. when there isn’t enough something to go around
- 7. economic system which there is no private ownership of property and little or no political freedom
- 8. the market determines prices, products, and services rather than the government. Businesses and services are free of government control.
- 9. How much it costs to buy a product.
- 11. How much there is of a product.
- 13. an economic system that has elements of command and market economies
- 14. trade and industry are controlled by private owners for profit.
- 15. the quantity of goods or service that people are willing to buy at a given price
Down
- 1. No shortage or surplus- the supply and demand are equal
- 3. traditions, customs, and beliefs help shape the goods and services the economy produces
- 4. the quantity demanded is greater than the quantity supplied
- 5. the quantity supplied is greater than the quantity demanded,
- 6. the quantity of goods that producers are willing to sell at a given price
- 10. Economy government controls everything including what is produced, prices, and incomes.
- 12. something that motivates or encourages you to do something