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Economic Systems (A)

NAME ____________________________
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Across
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8. authoritarian system requires absolute _______________ to those in power
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5. centrally planned economy – a system which the society’s _________________ usually members of the central government make all the economic decisions
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3. Command economy – an economic system where the _____________________ decides what goods and services will be produced, how they will be produced and how they will be distributed
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6. socialism – economic system in which the government owns some or all of the factors of ______________. Developed from the ideas of Marx
Down
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1. economic system - the way society uses its scarce ____________________ to satisfies the people’s unlimited wants.
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4. market economy – economic system based on ___________ choice not government directives, in other words , in this system consumers and producers drive the economy
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2. Traditional economy –an economic system in which families clans, tribes make economic decisions based on _____________ and beliefs that has been handed down from generation to the generation
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7. ____________________– a more extreme form of socialism which there is no private ownership of property and little or no political freedom, also grew out of Marx’s thinking