Across
- 1. level of economic prosperity
- 5. the concentration of the productive efforts of individuals and businesses on a limited number of activities
- 8. the income people receive for supplying the factors of production: land, labor, capital, or entrepreneurship.
- 9. system a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.
- 10. the amount of money a business receives in excess of its expenses
- 12. any arrangement that allows buyers and sellers to exchange things.
Down
- 2. an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
- 3. an organization that uses resources to produce a product or service, which it then sells
- 4. the process of bringing new methods, products, or ideas into use
- 6. a set of government programs that protect people who face unfavorable economic conditions
- 7. a person or group of people living in a single residence
- 11. an economic system that relies on habit, custom, or ritual to decide the three basic economic questions