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ECONOMIC SYSTEMS 001

NAME _____________________________
Across
economic system - the way society uses its scarce ____________________ to satisfies the people’s unlimited wants.
centrally planned economy – a system which the society’s _________________ usually members of the central government make all the economic decisions
socialism – economic system in which the government owns some or all of the factors of ______________. Developed from the ideas of Marx
____________________– 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
market economy – economic system based on ___________ choice not government directives, in other words , in this system consumers and producers drive the economy
Down
authoritarian system requires absolute _______________ to those in power
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
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