econ Flashcards
A traditional economic system is based on customs, history and time-honored beliefs
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
exchange (goods or services) for other goods or services without using money.
“he often bartered a meal for drawings”
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
Socialism
The law of demand holds that the demand level for a product or a resource will decline as its price rises, and rise as the price drops
Supply/Demand
Running payroll, writing job descriptions, creating workplace policies and procuring benefits packages are typical of HR administration.
Human Resources
what will be produced, how will it be produced, and how will the output society produces be distributed
3 basic economic questions
In a command economy, the government makes all the major economic decisions. It controls all means of production, such as raw material, money, land, and industries in a country.
In a command economy who makes all of these decisions
Technically, almost every country can be considered a mixed economy
Most countries are what type of economy?
