Economics Unit 2 Vocabulary Crossword

Was a Scottish economist, philosopher and author
The unobservable market force that helps the demand and supply of goods in a free market
Is the belief that economics and businesses function best when there is no interference by the government
Is a system where the government determines what goods should be produced and how much should be produced
Is a system where the laws of supply and demand direct the production of goods and services
Is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces
Is an economic system blending elements of market economics with elements of planned economics
Is the theory that consumer preferences determine the production of goods and services, consumers can use their spending power as ‘votes’ for goods
Is the act of buyers and sellers freely and willingly engaging in market transactions
This occurs when the consumption or production of good causes a benefit to a third party
Is a cost that is suffered by a third party as a consequence of an economic transition
May be consumed without reducing the amount available for others, and cannot be withheld from those who do not pay for it
Is an economic problem in which every individual has an incentive to consume a resource at the expense of every other individual