ecomomic terms Flashcards
a system that relies on customs history and time-honered believe
traditional economy
it is like a planned economy where everything is planed or ownership
command economy
a type of economic system were supply and demand regulate the economy
market economy
a system that combines aspects of both capitilism and socialism
mixed economy
when there is not enough of something os none
scarcity
something that happens like a trade without money
bartering
free of go
free interprise
when private people own or control a property
captlism
it means ownership or opposed to private ownership
socialism
supply is genrally considerd to slope upward
supply/demand
when you work likke if you are a teacher you are a recource to the kids
human recources
what will be preduced how will it be preduced and how would it output society produces be distriuted
what are three basic economic questions
the government
in a command economy who makes all the decishons
mixed economy
most countries are what economy
