econ Flashcards
traditional Economy
goods services will be produced
Command Economy
will goods services be produced
Market Economy
will consume the goods services
Mixed Economy
a system that combines aspects of both capitalism and socialism.
Scarcity
the demand for a good or service is greater than the availability of the good or service. Ther
Bartering
an act of trading goods or services between two or more parties without the use of money
Free Enterprise
an economic system that provides individuals the opportunity to make their own economic decisions, free of government constraints, and as private profit-potential businesses
Capitalism
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices
Socialism
Socialism is an economic and political system where the workers or the government own the buildings and tools that make goods
Supply/Demand
Supply refers to the market’s ability to produce a good or service, whereas demand refers to the market’s desire to purchase the good or service.
Human Resources
Human resources is the department within a business that is responsible for all things worker-related
What are the three basic economic questions?
What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and service
In a command economy, who makes all of the decisions?
Resources are combined to produce goods and services
Most countries are what type of economy?
mixed economy
