| A | B |
|---|
| system of allocating resources based only on the interaction of market forces, such as supply and demand; operates by voluntary exchange in a free market and is not planned or controlled by a central authority | Market Economy |
| an economy that includes a variety of private and government control, or a mixture of capitalism and socialism. | Mixed Market Economy |
| An economy where supply and price are regulated by the government rather than market forces. | Commnd Economy |
| economic system that allows for the simultaneous operation of publicly and privately owned enterprises. | Mixed Economy |
| An economic system in which economic decisions are made based on customs, beliefs, religion and habits. | Traditional Economy |
| the right of persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other forms of property | Private Propterty |
| the act of buyers and sellers freely and willingly engaging in market transactions. | Voluntary Exchange |
| A grant made by a government that confers upon the creator of an invention the sole right to make, use, and sell that invention for a set period of time | Patents |
| a set of exclusive rights granted by the law of a jurisdiction to the author or creator of an original work, including the right to copy, distribute and adapt the work | Copyrights |
| the economic condition when everyone who wishes to work at the going wage rate for their type of labor is employed | Full Employment |
| effective operation as measured by a comparison of production | Efficiency |
| individual workers specialize for functions such as building construction or gasoline transport | Specialization |
| An approach to the completion of a complex task which involves breaking the task into a number of simpler tasks | Divison of Labor |
| An investment instrument, other than an insurance policy or fixed annuity, issued by a corporation, government, or other organization which offers evidence of debt or equity | Security |
| The state, quality, or ideal of being just, impartial, and fair; Ownership interest in a corporation in the form of common stock or preferred stock | Equity |
| the ability to choose | Freedom |
| the materil flow of goods, services and money in relation to market and sector areas | Circular flow of Economic Activity |
| hourly pay for labor | Wages |
| Fixed compensation for services, paid to a person on a regular basis | Salary |
| individuals depend on others to produce all or most of the goods they need to sustain their lives | Economic Interdependence |
| The rate at which goods or services are produced | Productivity |
