1. firm- business that makes a sells a product or service.
2.command economy- another name for a centrally planned economy.
3. factor market- where firms purchase the factors of production.
4. specialization- producing only what you are good at.
5. self-interest- and individuals personal gain.
6. consumer sovereignty- consumers have power over what is produced .
7. market- an arrangement for buyers and sellers to exchange things.
8. incentive- a hope of reward that encourages someone to behave in a certain way.
9. income- the amount of money a person makes.
10.standard of living – the way of living that is normal for a person or community.

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