Econ Flashcards
Traditional
An economic system based on agriculture fishing and hunting.
Command
A type of economic system in which the government has a monopoly on the market.
Market
A type of economic system in which the government has no control over the market.
Mixed
It is a mix of all the above mentioned economies.
Scarcity
The state of being in short supply.
Bartering
Trading without using money.
Free Enterprise
Competition between companies.
Capitalism
A countries trade and industry are controlled by private owners for profit.
Socialism
Workers and government own the building and tools that make goods and services like farms and factories.
Supply/Demand
Willingness and ability of consumers to purchase a given amount of a good or service at a given price.
Human Resources
The personnel of a business or organization, especially when regarded as a significant asset.
What are the 3 basic economic questions?
What will be produced, how will it be produced, and how will the output society produces be distributed.
In a command economy, who makes all the decisions?
The government.
Most countries are what type of economy?
Mixed economy.
