econ Flashcards
a system that relies on customs,history, and time-honored belief
traditional economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
command economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses
market economy
an economic system combining private and public enterprise
mixed economy
the state of being scarce or in short supply(shortage)
scarcity
exchanging for other goods or services without using money
bartering
an economic system in which private business operates in competition and largely free of state control
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 that should be owned
socialism
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
supply/demand
the personnel of a business or organization, especially when regarded as a significant asset
human resources
what will be produced,how will it be produced and who is it produced for
what are the three basic economic questions
The decision is made by the government
in a command economy,who makes all the decision
most of the countries are a mixed economy
most countries are what type of economy
