Econ Flashcards
What economic system is where people will make what they always made and do the same things there parents did?
Traditional Economy
Governments are incontroll
Command Economy
Decisions made based on the changes in prices that occur as buyers and sellers
Market Economy
What is the system that combines aspects of both capitalism and socialism?
Mixed Economy
What economic is a demand for a good or service is greater than the availability of the good or service?
Scarcity
what cashless economic system in which services and goods are traded at negotiated rates.
Bartering
Free Enterprise
Capitalism
Socialism
Socialism
Human Resources
What are the three basic economic questions?
what will be produced, how will it be produced, and how will the output society produces be distributed?
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
Mixed economy
