| A | B |
|---|
| laissez-faire | no government involvement or regulation |
| capitalism | economic system in which the buyers and sellers control prices; relies on free market and laissez-faire |
| free market | economic decisions based on supply and demand |
| free enterprise | the opportunity to control one's own economic decisions |
| socialism | economic system in which the government owns the basic means of production, distribution, wages, and provides social services such as healthcare and welfare |
| mixed market | combines socialism and capitalism |
| communism | an economic system in which the central government directs all major economic decisions |
| command economy | an economic system in which the government controls all factors of production |
