| A | B |
|---|
| ECONOMY/ ECONOMIC SYSTEM | AN ORGANIZED WAY OF PROVIDING FOR THE WANTS AND NEEDS OF PEOPLE |
| TRADITIONAL ECONOMY | AN ECONOMY IN WHICH THE ALLOCATION OF RESOURCES AND NEARLY ALL OTHER ECONOMIC ACTIVITY STEMS FROM RITUAL, HABIT, OR CUSTOM |
| COMMAND ECONOMY | AN ECONOMY IN WHICH A CENTRAL AUTHORITY MAKES MOST OF THE WHAT, HOW, AND FOR WHOM DECISIONS |
| MARKET ECONOMY | AN ECONOMY IN WHICH PEOPLE AND FIRMS ACT IN THIER OWN BEST INTRESTS TO ANSWER THE WHAT, HOW, AND FOR WHOM QUESTIONS |
| SOCIAL SECURITY | A FEDERAL PROGRAM OF DISABILITY AND RETIREMENT BENEFITS THAT COVERS MOST WORKING PEOPLE |
| INFLATION | A RISE IN THE GENERAL LEVEL OF PRICES |
| FIXED INCOME | AN INCOME THAT DOES NOT INCREASE EVEN THOUGH PRICES GO UP |
| CAPITALISM | A SYSTEM IN WHICH PRIVATE CITZENS OWN THE FACTORS OF PRODUCTION |
| FREE ENTERPRISE | ECONOMY IN WHICH COMPITION IS ALLOWED TO FLOURISH WITH A MINIMUM OF GOVERMENT INTERFERENCE |
| VOLUNTARY EXCHANGE | THE ACT OF BUYERS AND SELLERS FREELY AND WILLINGLY ENGAGING IN MARKET TRANSACTIONS |
| PRIVATE PROPERTY RIGHTS | THE PRIVILGE THAT ENTITLES PEOPLE TO OWN AND CONTROL THEIR POSSESSIONS AS THEY WISH |
| PROFIT | THE EXTENT TO WHICH PERSONS OR ORGANIZATIONS ARE BETTER OFF AT THE END OF A PERIOD THEN THEY WERE AT THE BEGINNING |
| PROFIT MOTIVE | THE DRIVING FORCE THAT ENCOURAGES PEOPLE AND ORGANIZATIONS TO IMPROVE THEIR MATERIAL WELL-BEING |
| COMPETITION | THE STRUGGLE AMONG SELLERS TO ATTRACT CONSUMERS WHILE LOWERING COSTS |
| CONSUMER SOVEREIGNTY | THE ROLE OF THE CONSUMER AS A RULER OF THE MARKET |
| MIXED ECONOMY/MODIFIED PRIVATE ENTERPRISE ECONOMY | ECONOMY IN WHICH PEOPLE CARRY ON THEIR ECONOMIC AFFAIRS FREELY BUT ARE SUBJECT TO SOME GOVERNMENT INTERVENTION AND REGULATION |
