| A | B |
|---|
| Small business | A business that employs 500 or fewer people. |
| 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 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 onnly what they must have in order to exist; all economic decisions are based on habit and tradition. |
| Entrepreneur | An individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts. |
| Private enterprise/free enterprise | An economic system in which individuals and groups, rather than the government, own or control the means of production--the human and natural resources and capital goods used to produce goods and services. |
