Term
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Definition
| In this economy people freely choose what to buy and sell. |
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Term
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Definition
| System that lets competition among businesses determine the price of products. |
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Term
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Definition
| An economic system in which businesses, industries, and resources are privately owned. |
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Term
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Definition
| The government decides what to produce, where to make it, and what price to charge. |
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Term
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Definition
| An economic and political system in which the government owns or controls almost all the means of production. |
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Term
| Gross national product (GNP) |
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Definition
| The total value of goods and services that a country produces in a year. |
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