Econ Flashcards

1
Q

a system that relies on customs, history, and time-honored believes.

A

Traditional Economy

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2
Q

an economy in which production, investment, prices, and incomes are determined centrally by a government.

A

Command Economy

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3
Q

an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

A

Market Economy

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4
Q

an economic system combining private and public enterprise.

A

Mixed Economy

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5
Q

the state of being scarce or in short supply; shortage.

A

Scarcity

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6
Q

exchange (goods or services) for other goods or services without using money.

A

Bartering

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7
Q

an economic system in which private business operates in competition and largely free of state control.

A

Free Enterprise

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8
Q

an economic and political system in which a country’s trade and industry are controlled by private owners for profit.

A

Capitalism

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9
Q

the personnel of a business or organization, especially when regarded as a significant asset.

A

Human Resources

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10
Q

a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

A

Socialism

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11
Q

the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.

A

Supply/ Demand

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12
Q

the division of a business responsible for finding, screening, recruiting, and training job applicants

A

Human Rsesources

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13
Q

What are the basic economic questions?

A

What goods and services should be produced to meet consumer needs? 2. How should they be produced, and who should produce them?

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14
Q

What three powers do all governments have?

A

Make Laws, enforce laws and judiciary power (alter laws.

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