| A | B |
|---|
| specialization | concentrate and beome an expert in a subject or skill |
| free market economy | a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand |
| command economy | communist economic system that allows no free market or privately owned business |
| economy | system governing the producion, use, and distribution of goods |
| consumer | a person that buys a product |
| NE, Middle, and Southern colonies | 3 colonies that split into 13 differnet regions |
| supply | the amount of a product made |
| demand | a request for a product |
| Proprietary colony | a colony controlled directly by the English King |
| Patroon | a person who held an estate in land with certain manorial privileges granted under the old Dutch governments of New York and New Jersey |
| Mercantilism | economic policy that held that a nation prospered by exporting more goods to foreign nations than it imported from them |
