Ch. 2 Vocabulary Crossword

An organized way of providing for the wants and needs of their people
The allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom
A central authority makes most of the WHAT, HOW, and FOR WHOM decisions
People and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions
A rise in the general level of prices—occurs, workers need more money to pay for food, clothing, and shelter
An income that does not increase even though prices go up—find that bills are harder to pay and that planning for the future is more difficult
A federal program of disability and retirement benefits that covers most working people
The privilege that entitles people to own and control their possessions as they wish
The extent to which persons or organizations are better off at the end of a period than they were at the beginning
The struggle among sellers to attract consumers while lowering costs
Describes the role of the consumer as sovereign, or ruler, of the market
People carry on their economic affairs freely, but are subject to some government intervention and regulation
People carry on their economic affairs freely, but are subject to some government intervention and regulation
Private citizens, many of whom are entrepreneurs, own the factors of production
The act of buyers and sellers freely and willingly engaging in market transactions