| A | B |
|---|
| Traditional economy | based on customs and traditions |
| command economy | run by the government |
| market economy | controlled by the forces of supply and demand |
| socialism | a mix of communism and capitalism |
| capitalism | private citizens own the economic resources |
| communism | the government controls the economic resources |
| voluntary exchange | buyers and sellers freely engaging in market activity |
| unlimited liability | owner is personally responsible for all debts |
| inventory | stock of a good |
| limited partnership | one or more partners are not active |
| corporation | the owner and the business are separate legal entities |
| stock | share of a company |
| horizontal merger | a merger of like companies |
| vertical merger | a merger of companies along the production line |
| conglomerate | multiple businesses make unrelated products |
