American Free Market Economy Flashcards
1
Q
Scarcity
A
Lack of resources or goods and services
2
Q
Marketplace
A
A lace that goods and services are bought and sold
3
Q
Resource
A
The factors of production
4
Q
Traditional Economy
A
Economic decisions are made based on custom or tradition
5
Q
Free Market Economy
A
Economic decisions are largely made by individuals and business owners
6
Q
Command Economy
A
Economic decisions are made by a central organization, usually thee government
7
Q
Mixed Economy
A
There is more government involvement in decision making than in a free market economy
8
Q
Proprietorship
A
A business structure with one owner
9
Q
Partnership
A
A business structure with two or more owners
10
Q
A
