econ Flashcards
people will make what they always made and do the same things there parents did.
Traditional Economy
the central government dictates the level of production of goods and controls their distribution and prices.
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.
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 should be owned or regulated by the community as a whole.
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 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?
a system in which a central government makes all economic decisions.
Most countries are what type of economy?
mixed economy
