econ Flashcards
a families and tribes and small communities.
traditional economy
government /central powers owns the means of production.
command economy
private enterprise owns the means of production.
market economy
Most democratic countries have some characteristics of both systems, so we keep it simple and called.
mixed economy
The limited supply of something
scarcity
trading without using money
bartering
competition between companies
free enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
capitalism
a political and economic theory of social organization which advocates that the means of production distribution and exchange should be owned.
socialism
Supply refers to the market’s ability to produce a good. demand refers to the market’s desire to purchase the goods or service.
supply/demand
people that have to work to get things.
human resources
What are the three basic economic questions?
what,how,who
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
mixed economies system
