| A | B |
|---|
| producer | owners and workers |
| consumer | people who buy or use goods and services |
| goods | products made and sold to consumers |
| services | things people perform for other people (ex. haircuts) |
| economics | the study of how people make decisions in a world where wants are unlimited but resources are limited |
| unitary | central government has all power to make laws and decisions |
| federation | power is shared between central government and states |
| confederation | individual states make decisions; weak central government |
| autocracy | a country is ruled by a single person with unlimited power |
| oligarchy | nation controlled by small group of people (ex. family, tribe) |
| democracy | all the people hold the key to the power |
| parliamentary democracy | head of the executive branch is chosen from the legislature |
| presidential democracy | president is an elected position not part of the legislature |
| traditional economy | economy based on custom and tradition |
| command economy | government owns all industry |
| market economy | business is privately owned by individuals |
| mixed economy | combination of traditional, market and command economies |
