| A | B |
|---|
| Economic Freedom | fundamental right of every human to control his or her own labor and property; ability to have choices |
| Economic Efficiency | when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is minimized |
| Economic Equity | the concept or idea of fairness; consumer fairness |
| Economic Growth | an increase in the production of goods and services over a specific period |
| Economic Sustainability | practices that support long-term economic growth without negatively impacting social, environmental, and cultural aspects of the community |
| Economic Stability | an economy with fairly constant output growth and low and stable inflation would be considered economically stable |
| Economic Security | having a consistent income; the ability to maintain your standard of living |
| Centralized Controls | government controls |
| Karl Marx | related to command economies |
| Adam Smith | related to market economies |
| Command Economy | government/centralized ownership and control of all property, resources, and economic decisions |
| Market Economy | a market/economy free of government controls; consumers drive this economy (AKA - the invisible hand) |
| Mixed Economy | when consumers and governments both influence economic production and decisions; this varies from nation to nation, but it is the most common type of economy in the world today |
| Traditional Economy | when economies change very little over time; jobs and production practices are handed down from generation to generation; often based on agriculture, hunting, and/or fishing |
