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Ch. 2, Sect. 1: Economic Systems

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