| A | B |
|---|
| Deregulated | Subject to the forces of supply and demand |
| "Invisible Hand" | Voluntary exchange promotes economic progress |
| Adam Smith | "Free markets have the ability to regulate themselves" |
| Command Economy | Government experts set prices for goods. |
| Market Economy | More competition among producers |
| Mixed Economy | combination of market and command economies |
| Consumers | Use their money to satisfy their needs and wants |
| Voluntary Exchange | Purchase of a new product in a market economy |
| Free Enterprise System | Individuals may organize any lawful business |
| Entrepreneurship | Promotes economic growth |
| Prices | Provide information to businesses |
| Pillars of Free Enterprise | Competition, Price System, Private Property, Entrepreneurship |
| The United States economy is | a mixed economy. |
| Competition | is driven by scarcity. |
| Traditional economies | have fewer privately owned businesses |
| Command economies | Decisions are made by the government |
| Wrote "Wealth of Nations" | Adam Smith |
