| A | B |
|---|
| traditional economy | people’s work is based on long-established customs |
| command economy | government controls the economy |
| market economy | economy based on private ownership, free trade, and competition |
| mixed economy | combination of traditional, market, and command economic systems-China |
| economy | way people and countries go about meeting their daily needs, based on jobs and money |
| free enterprise system | economic system in which few limits are placed on business activities-ALSO called Market |
| agricultural industries | basic level of industry that farms and raise animals |
| manufacturing industries | 2nd level of industry that makes goods |
| wholesale industries | level of industry that business sell to other businesses |
| retail industries | industry that sells to consumers |
| service industries | industry that provides a service-DOES not make a product |
| democracy | form of government in which the people elect (vote) leaders |
| constitution | written plan of government |
| direct democracy | government in which citizens meet in popular |
| representative democracy | citizens vote for representatives who decide on issues and make laws on their behalf |
| totalitarian government | government that controls all aspects of society |
| limited government | government that has legal limits on its power |
| unlimited government | government with a single leader who has all power |
| Constitutional monarchy | King or Queen who's power is limited |
| communist government | government that has control over ALL aspects of life including jobs, faith, |
