| A | B |
|---|
| capitalist Economy | People own factors of production, competition is allowed and government is somewhat involved |
| competition | sellers attempt to attract consumers |
| private property rights | do what you want with what you own except infringe on other people's rights |
| profit | money left over after production is paid for |
| transaction | exchange of goods, services of money |
| voluntary exchange | people decide what and when they want to make a transaction |
| profit motive | force that makes people want to improve their material well being |
| private property rights | people can do what they want with what they own other than interfere with rights of others |
| consumers | people who buy goods and services |
