| A | B |
|---|
| Command economy | economy where most consumer goods and services are produced by the public sector |
| Free market economy | economy where 60% of goods are made by private businesses |
| Mixed economy | economy where over 40% of consumer goods are produced by the state |
| Private sector | the rest of the economy apart from the public sector, owned and controlled by private individuals and businesses |
| Public sector | part of the economy owned and controlled by the state |
| Market | where buyers and sellers meet to exchange goods |
| Market forces | the forces of demand and supply determine price and quanitity bought |
| Opportunity cost | the benefit lost from the next best alternative when making a choice |
