| A | B |
|---|
| Command economy | An economic system in which all or many of the means of production and distribution are owned and controlled by the government. |
| Communism | A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution. |
| Economic system | The organized way in which a country handles its economic decisions and solves its economic problems. |
| Market economy | An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace. |
| Socialism | A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well. |
| Traditional economy | An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition. |
