| A | B |
|---|
| Capitalism | a system for which a country's trade and industry is controlled by individuals to make a profit |
| Centrally controlled economy | system where government controls & makes economic decisions |
| Communism | a system where government owns and controls all distributions of goods and services (eliminates social classes) |
| Efficiency | using resources to produce goods & services without much waste |
| Entrepreneur | an individual who takes an idea or product and creates a business |
| Free market economy | producers are free to decide what to produce, and consumers are free to buy whatever they need and want. |
| Goods | products |
| Profit | money left over after business owner’s costs have been paid |
| Regulation | government action limiting companies businesses for the purpose of protecting workers & consumers |
| Resources | materials needed to produce goods and services |
| Scarcity | not having enough resources to produce goods and services |
| Services | actions that people perform for other people |
| Socialism | a system where government owns partial resources needed to produce goods and services (like healthcare and education). |
