| A | B |
|---|
| Traditional Economy | The type of economy where people believe in doing things the same as they have always been done in the past |
| Mixed economy | A combination of a COMMAND and MARKET ECONOMY |
| Socialist economy | Characterized by more CENTRALIZED GOVERNMENT PLANNING and OWNERSHIP |
| Market economy | Characterized by PRIVATE OWNERSHIP of the means of production |
| Command economy | Ecnonomic system that is run by a CENTRAL GOVERNMENENT or authority |
| Entrepreneurial | This type of resource recognizes the need for new goods or service |
| Human | people’s knowledge, efforts, and skills used in their work |
| Capital | raw materials found in nature that are used to produce goods |
| Scarcity | Shortage of resources/goods in short supply |
| Economics | Study of how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources |
