| A | B |
|---|
| private property | goods owned by an individual |
| Encourages people to behave ina certain way | incentive |
| in a market system, it directs people and businesses | self-interst |
| legally binding oral or written agreement | contract |
| lowest possible level of unemployment | full employment |
| All economies are truly this | Mixed economies |
| mixed market closest to the market model | capitalism |
| Economic rivalry | competition |
| Economic well-being | Standard of living |
| when price level remains constant | Price Stability |
| mixed economy where gov't controls many facotrs of production | Authoritarian Socialism |
| Sweden practices this kind of economics | Democratic Socialism |
| Custom, tradition, religion and ritual guide | Traditional economy |
| Circular Flow Model | Interaction of resource and product markets |
