| A | B |
|---|
| command economy | government control, communism/ socialism, everyon paid equally |
| traditional economy | farming, customs rule decisions, usually in developing countries |
| mixed economy | some private industry, some government control |
| Urbanization | people moved to the cities at birth |
| Infant mortality | babies survived at birth |
| life expectancy | the average years you will live- this increased during the Industrial Revolution |
| child labor | kids had to work at a young age |
| laissez faire | government should leave businesses alone |
| ways children suffered under child labor | long working hours, no educational opportunities, unsafe conditions, low life expectancy |
| Market- Who decides what to produce? | Private Companies based on Consumer Demand |
| Market- Who decides what to purchase? | Consumers |
| Command- Who decides what to produce | Government |
| Command- Who decides what can be purchased? | Government |
| What is the Incentive for companies in a Market Economy | Profit |
| How are people paid in a Command Economy | Evenly |
| Wha are examples of a command economy | Communism/ Socialism |
| What type of economy does the US have? | Mixed economy |
