| A | B |
|---|
| A nation's plan for making decisions on what and how to produce and how to distribute goods and services | economic system |
| An economic system in which good are produced the way they have always been produced. | traditional economy |
| An economy in which individuals are free to engage in business transactions with buyers who are able and willing to buy and sellers who supply goods and services from which they earn a profit. | market economy |
| Any place where buyers and sellers exhange goods and services for some form of money | marketplace |
| The rivalry among businesses to sell their goods and services to consumers. | competition |
| An economy in which resources are owned and controlled by the government. | command economy |
| Money left from sales after subtracting the cost of operating the business. | profit |
| An establishment or enterprise that supplies goods and services in exhange for some form of payment. | business |
