| A | B |
|---|
| Economic systems | The methods societies use to distribute resources. |
| economics | The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices. |
| market economy | An economic system in which economic decisions are made in the marketplace. |
| price | The amount of money given or asked for when goods ad services are bought or sold. |
| supply | The amount of goods ad services that producers will provide at various prices. |
| demand | The amount or quantity of goods and services that consumers are willing to buy at various prices. |
| equilibrium price | The point at which the quantity demanded and the quantity supplied meet. |
| command economy | An economic system in which a central authority makes the key economic decisions. |
| mixed economy | An economy that contains both private and public enterprises. It combines elements of capitalism and socialism. |
| socialism | A theory or system of social organization that advocates the ownership and control of the means of production and distribution, capital, land, etc., by the community as a whole, usually through a centralized government. |
