Below are definitions of concepts, fill in the blanks with the correct concept associated with the phrase/definition:

Below are definitions of concepts, fill in the blanks with the correct concept associated with the phrase/definition:

In this economic system government makes all decisions and owns most of the property: []

Human specialization that leads to increase in output as it saves time, improves ability and enhances learning by doing []

When consumers decide what goods get produced in an economy []

Creation of new products completely destroys the market position of firms that are wedded to existing products and older ways of doing business []

A curve that shows combinations of two goods that a consumer can afford  []