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Econmic Systems Chapter 2

Across
The act of buyers and sellers freely engaging in market transactions
Combines all three systems of economy
Private citizens own the the factors of production
The lowest possible wage that can be paid to workers
Capitalistic economy in which cometition is allowed to flourish
Allows individuals to own and control property
The customer is always right
They want to be their own boss
Allows buyer and sellers to exchange goods
The struggle amoung sellers
Down
All property is connlectively owned
An income that does not increse
When persons are better off financially than before
A federal program for retired people
Economics based on ritual, habit, and customs
Central authorites make all economic decision.
The govenment owns some, but not all