| A | B |
|---|
| socialism | economic system in which the government owns major industries but allows private ownership |
| mixed economy | economy that combines some parts of other economics systems |
| gross national product | total value of all the final goods and services produced by an economy over a year |
| command economy | economy in which a central authority decides what workers will do and what goods and services they will produce |
| communism | economic system in which the government makes decisions concerning te commonly-owned resources |
| standard of living | a measure of how well the people in an economic system live |
| capitalism | economic system in which basic economic decisions are based onthe actions of individual people and business firms |
| traditional economy | economy in which people do things the way they have always been done, with little or no change |
