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Lesson 2 Essential Vocabulary

Name:
Across
(2 words, no space) a balance achieved between two desirable but incompatible features; a compromise
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
In a _______ economy, elements of traditional, command, and market economies are combined
_______ Cost means the cost of something in terms of what you give up to get it
In this kind of economy, decisions are made by producers (supply) and consumers (demand)
Totalitarian system of government with a single authoritarian party controls the state owned means of production
Economic ________ include the means of production, exchange of goods and services, and allocations of resources
Down
A _______ economy involves making decisions the way they always have in the past
The idea that human wants are unlimited but the resources to satisfy those wants are limited
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
A free _____ system is a system where goods and services are exchanged openly and freely with little government intervention
study of how society satisfies peoples unlimited and competing wants and needs with the careful use of scarce resources
______ of production are basic resources used to make all goods and services
In a ______ economy, government or the leaders make all the decisions