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chapter 2 Matching
democratic socialism
an economic system demo socialism
authoritarian socialism
an economic system in which the gov. owns or controls nearly all factors of production
contracts
an agreement made between producer and consumer
private property
property owned legally by individuals
capitalism
individuals own and control production
income
money that one is earned from their job
self-interest
the impulse that encourages people to fulfill their needs and wants
voluntary exchange
exchange made by a volunteer
resource market
a market that sells resources to companies to make their products
command economy
an economy in which a central gov. authority makes all basic economic decisions and controls the factors of production
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