| A | B |
|---|
| Welfare state | A government that provides multiple social programs such as free health care and education to its citizens |
| Supply | The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period |
| Socialism | A command economic system in which government owns some basic means of production and allows private ownership of business as well |
| Subsistence | Existence at a level that barely supports life |
| Production | The economic process or activity of producing goods and services |
| Quotas | Specific goals to be met |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid |
| Traditional economy | An economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition |
