| A | B |
|---|
| capitalism | Private ownership of resources by individuals rather than by the government. |
| command economy | Government-owned and government-controlled resources. |
| economic decision making | Process of choosing wants among several options will be satisfied. |
| economic system | A nation's plan for answering the three economic questions. |
| market economy | System in which the resources are owned and controlled by the people of a country. |
| mixed economy | System that combines elements of command and market economies. |
| opportunity cost | Value of the alternative you did not choose. |
| tradeoff | Giving up on something to have something else. |
| traditional economy | System in which goods and services are produced they way it has always been done. |
