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Across 3. the financial gain made in a transaction 10. economic system that relies on habit, custom, or ritual to decide questions 12. government programs that protect people experiencing bad times 15. sell state-run firms to individuals 18. economic system in which a central government makes all decisions on the production and consumption of goods and services 20. the most desirable alternative given up as the result of a decision 21. using resources in such a way as to maximize the production of goods and services 22. an organization that uses resources to produce a product, which it then sells 23. limited quantities of resources to meet unlimited wants 24. social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society 25. the power of consumers to decide what gets produced 27. ambitious leader who combines land, labor, and capital to create and market new goods and services 29. any human-made resource that is used to create other goods and services 30. economics system in which decisions on production and consumption of goods are based on voluntary exchange in markets 33. market in which firms purchase the factors of production from households 36. Necessary for survival 37. range with no clear divisions 38. Government generally should not intervene in the marketplace 39. private or corporate ownership of capital goods; determined by private decision 40. an expectation that encourages people to behave in a certain way 41. requiring strict obedience to an authority, such as a dictator 42. how people seek to satisfy their needs and wants by making choices 43. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central goverment 44. physical objects such as clothing or shoes

Down 1. the income people receive for supplying factors of production, such as land, labor, or captial 2. economic system in which a central authority is in command of the economy 3. the market in which households purchase the goods and services that firms produce 4. the concentration of the productive efforts of individuals and firms on a limited number of activities 5. a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods 6. item that is desired but not essential 7. level of economic prosperity 8. a graph that shows alternative ways to use an economy's resources 9. An arrangement that allows buyers and sellers to exchange things 11. property owned by individuals or companies 13. alternative that we sacrifice when we make a decision 14. a person or group of people living in the same residence 16. industry that requires a large capital investment and that produces items used in other industries 17. actions or activities that one person performs for another 19. the line on a production possibilities graph that shows the maximum possible output 26. economy moves away from centrally planned economy toward a market-based system 28. term economist use to describe the self-regulating nature of the marketplace 30. market-based economic system with limited government involved 31. the love of one's country; the passion that inspired a person to serve his or her country 32. a situation in which good or service is unavailable 34. that struggle among producers for the dollars of consumers 35. large farm leased from the state to groups of peasant farmers