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ECONOMIC SYSTEMS 002

NAME _____________________________
Across
_____________ planned economy – a system which the society’s leaders usually members of the central government make all the economic decisions
_________________ economy – an economic system where the government decides what goods and services will be produced, how they will be produced and how they will be distributed
__________________ systems require absolute obedience to those in power
_______________ – 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
Down
_______________ system - the way society uses its scarce resources to satisfies the people’s unlimited wants
_____________ economy –an economic system in which families clans, tribes make economic decisions based on customs and beliefs that has been handed down from generation to the generation
_____________ economy – economic system based on individual choice not government directives, in other words , in this system consumers and producers drive the economy
_______________– economic system in which the government owns some or all of the factors of production. Developed from the ideas of Marx