| A | B |
|---|
| economic system | organized way of providing for the wants and needs of people |
| inflation | rise in general level of prices |
| fixed income | an income that does not increase even though prices go up |
| command economy | central authority makes most of WHAT, HOW, & FOR WHOM decisions |
| private property | allows individuals to own and control their possessions as they wish |
| competition | struggle among sellers to attract consumers while lowering costs |
| capitalism | private citizens own and used factors of production in order to generate profits |
| voluntary exchange | act of buyers and sellers freeliy and willingly engaging in market transactions |
| free enterprise | competition flourish with little governmernt interference |
| inflation | a rise in the general level of prices |
