| A | B |
|---|
| Traditional Economy | An economy in which people do things the way they have always been done |
| Mixed Economy | A system which combines elements of the three basic types of economies |
| Market Economy | A system in which basic economic decisions are made by the individuals and businesses |
| Communism | A system in which the basic economic decisions are made by a central authority as in the country Cuba |
| Command Economy | An economy in which the government makes decisons concerning resources |
| Capitalism | Another name for a market economy |
| Consumer | The people who use the goods and services provided by an economic system |
| Socialism | An economic and political structure in which the government owns major industries but allows for private ownership of other businesses |
| Gross National Product | The total value of all the final goods and services produced by an economy over a given period of time |
| Standard of Living | A measure of how well the people in an economic sysem live |
