Econ Word Scramble
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| Term | Definition |
| Tradition | something that is passed down for one group to another |
| Traditional economy | an economy that does things as they were done in the past; custom and tradition determine questions |
| Ancestor | a person who lives before your time |
| Rural | away from the city |
| Command economy | an economy in which government leaders give the answers to the three economic questions |
| Heavy industry | large-scale production of basic items |
| Agriculture | farming |
| Consumers | goods everyday items that people purchase |
| Socialism | the belief that governments rather than individuals should own a country’s major industries |
| Utility | items such as electricity, water, or gas |
| Welfare | aid (money or goods for those in need) |
| Democracy | a government in which citizens take part |
| Representative | an elected leader who makes and carries out laws |
| Democratic socialism | a government in which the people have a say in government but in which the government owns the major industries |
| Communism | a government in which the government owns all property |
| Dictatorship | a government in which the people have no rights, one person or a small group of people rule the country by force and make all the laws |
| Profit | money left over after all the costs of production have been paid |
| Competition | a contest between businesses or individuals to sell a product or service |
| Invisible hand | adam smith's idea that competition acts like an invisible hand it pushes people to do what is best for themselves |
| Market | -a place where people come together to buy and sell |
| Capitalism | a system in which individuals and private businesses own and control production also called market economy |
| Market | economy a system in which individuals and private businesses own and control production also called capitalism |
| Incentive | something that makes a person take an action |
| Mixed economy | an economy in which there is a blend of economic systems government share in the decision-making process |
Created by:
mtrampf
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