| A | B |
|---|
| traditional economy | Economy in which basic questions of production are decided by rules and tradition |
| barter | trading one good for another |
| market economy | Economy in which economic decisions are made based on supply and demand |
| command economy | Economy in which economic decisions are made by the rulers |
| North Korea | example of country with command economy |
| United States | example of a country with a market economy |
| specialized jobs | the kind of jobs that people in a market economy have |
| self-sufficient | people are ___ in a traditional economy meaning they can provide all basic needs for themselves |
| land | factor of production that includes natural resources |
| labor | factor of production that includes physical and mental human power |
| capital | factor of production that includes money, equipment, buildings, and machinery |
| management | factor of production that includes a boss or CEO |
