Economics Chapter 2 Vocabulary Review Name-­‐_________________________ Date-­‐_______________ Period-­‐_________________ Across
1. Economy that has elements of traditional, command, market
systems.
3. The belief that government should not interfere in the
economy.
5. The market where goods and services bought and sold.
7. The type of government that requires total obedience by its
citizens
17. The type of economy where the government makes all decisions.
18. To change from government to private ownership ties.
19. Financial gain from business transactions.
20. The type of government where there is no private property and
little political freedom.
21. The system of having private ownership of the factors of
production.
22. When people concentrate their efforts in the activities they
do best.
23. The type of economy that centers on families, clans, or
tribes; decisions are based on customs and beliefs
24. The way in which a society uses its resources to satisfy its
people’s unlimited wants
Down
2. A model that illustrates how interactions occur in a market.
4. The type of economy driven by consumers and producers.
6. The right to own business and resources.
8. The type of government that owns some of the factors of
production.
9. The type of economy that makes all choices on production.
10. The place or situation where people buy and sell goods and
services.
11. The market for the factors of production.
12. The sellers’ efforts to get business by offering best deal.
13. To change from private to government ownership.
14. Economy Economic actions across national boundaries.
15. When buyers choose products and control what is produced.
16. When traders believe they get more than they give up.