Ecomics Flashcards
A way people in a society word together to make and trade things
Economic System
A capitalist economic system where individuals own and control businesses instead of the government
Market Economy
A common in many developed countries,like the US,Japan,and most of Europe
Mixed Economy
Government owns/regulates all aspects of the economy
Communism
People who work to produce a good or service
Human Resources
The limited supply of something
Scarcity
Supply is the amount of goods available,and Demand is how badly people want a good or service
Supply and Demand
Goods are objects that satisfy people’s wants and Services are things people do for us that satisfy our wants
Goods and Services
A common in many developed countries,like the US,Japan,and most of Europe
Socialism
There is no government control, so people do business on their own
Traditional Economy
Individuals and private business own everything and make economic decisions free from government regulations
Capitalism
Government owns/regulates all aspects of the economy
Command Economy
