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Ch. 2, Sect. 1: Economic Systems

Across
These are payments for the factors of production.
Welfare and Social Security are examples of this type of payment.
This occurs when supply exceeds demand.
These are government payments to businesses.
This type of market is the "place" where resources are sold to businesses.
This sector is part of the economy that is run by individuals and businesses.
North Korea and this country have the worst economic freedom in the world.
This is a French term that means "let it be".
This is where voluntary exchange of goods and services take place between buyers and sellers.
This is the fundamental right of every human to control his or her own labor and property.
This type of economic system is changing from centrally planned to free market.
This group of people from Canada utilize a traditional economic system.
This type of farming provides enough food for a family but not enough to sell.
Down
In this type of economic system, the three basic economic questions are answered by tradition.
This was the European-Asian communist federation that lasted from 1924 to 1991.
This sector is part of the economy that is controlled by the government.
This type of incentive propels people to produce quality items efficiently.
This occurs when demand exceeds supply.
This county has successfully transitioned to a mixed-market economy.
This type of market is the "place" where goods and services produced by businesses are sold to households.
This model illustrates the flow of output and income between the government, households and firms.
This is an economic measure of output per unit of input.
In this type of economic system, the three basic economic questions are answered by the government.
This is the satisfaction one receives from the consumption, use or ownership of a good or service.
This type of economic system combines characteristics of socialism and capitalism.
This territory of China has the most free economy in the world.
In this type of economic system, the three basic economic questions are answered by individuals in the marketplace.
This is a medium of exchange.