| A | B |
|---|
| capital formation | the productin of capital goods |
| consumer goods & services | goods & services that directly satisfy people's economic wants |
| economic system | an organized way for a country to decide how to use its productive resources; that is, to decide what , how, & for whom goods & services will be produced |
| market economy | an economic system that determines what, how & for whom goods & services are produced ty coordinating individual choices through arrangements that aid buying & selling goods & services |
| command economy | an economic system in which a central planning authority determines what, how & for whom goods & services are produced |
| mixed economy | an economic system that uses the aspects of a market & a command economy to make decisions about what, how, & for whom goods & services will be produced |
| privatization | when a government transfers its authority to provide a good or service to individuals or privately owned businesses to produce, & to distribute what they produce as they please |
| capitalism | an economic-political system in which private citizens are free to go into business for themselves |
| socialism | an economic-political systemin which government controls the use of the country's factors of production |
| communism | extreme socialism where all or almost all the nation's factors of production are owned by the government |
