Across
- 3. Measure of a country's economic performance, calculated as the total value of all goods and services produced within a country's borders in a specific time period.
- 4. International trade left to its natural course without tariffs, quotas, or other restrictions.
- 5. Economic philosophy advocating minimal government interference in the marketplace.
- 8. Economy Economic system where decisions are based on customs, traditions, and rituals.
- 9. Economic system where central authorities make decisions about what, how, and for whom to produce.
- 10. The process of increased interconnectedness and interdependence among countries.
- 11. Scottish economist and philosopher known as the father of modern economics, associated with the idea of the invisible hand.
Down
- 1. Economic system characterized by private ownership of the means of production and the pursuit of profit.
- 2. An economic system that combines elements of both capitalism and socialism.
- 6. An economic system where prices are determined by supply and demand with little government intervention.
- 7. German philosopher, economist, and author of "Das Kapital," a key figure in the development of communism.