Econ Flashcards
Good and services will be produced
Traditional economy
will consume the goods and services
command economy
Decisions are made based on the change in prices that occur as buyers and sellers interact in the Market place.
Market economy
A mixed econ is most countries and is between Command economy and Market economy
Mixed economy
The priced is changed on how much of the product you have
Scarcity
convincing to trade of items
Bartering
Competition between companies(shifts prices of goods/services)
free enterprise
Private business own everything
Capitalism
Putting products free through health core.
Socialism
The amount someone wants this or such as the people want it may change how much there is or how much it costs for the people to buy.
Supply demand
These are resources that humans want
Human recources
What are three basic economic questions
What is economy.
What is government
What is Communism
In a command economy who makes all the decisions
The government make all the decisions
Most countries are what type of economy
Most are mixed economy
