| A | B |
|---|
| entrepreneurship | the capacity of private citizens to create new businesses independent of government direction or intervention |
| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom |
| market (or capitalist) economy | an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost |
| traditional economy | an economic model governed by custom, habit, and history |
| infrastructure | a nation’s buildings, roads, bridges, power grids, etc. |
| rations | a fixed amount of a product or service allowed during times of shortage |
| subsidies | money granted by the government to assist a business or industry in lowering the cost of its product/service |
| mixed economy | term used to describe the market/command/traditional blending of all modern world economies |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| graft | financial gain through illegal means, typically through kickbacks and bribes |
| privatize | to transfer a business, industry, or service for public (government) to private control |
| dissident | a person who opposes the authority of an established government |
| production quota | the required amount of a specific good that must be produced in a given timeframe |
| free enterprise | the creation, maintenance, and expansion of businesses outside the control or influence of the government. |
