Econ Flashcards
people will make what they always made and do the same things their parents did.
Traditional Economy
All economic decisions are made by the government
Command Economy
Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place.
Market Economy
A combination of a market and a command economy
Mixed Economy
A demand for a good or a service is greater the ability of a good or a service.
Scarcity
A cashless economic system in which serves and goods are traded at negotiated rates.
Bartering
An economic system that provides individuals the opportunity to make their own economic decisions.
Free Enterprise
Private actors own and control property in accord with their interests.
Capitalism
Features social rather than private ownership of the means of production.
Socialism
Supply is the amount of a specific good or service that’s available in the market.
Supply/Demand
A company’s employees or contractual workforce.
Human Resources
What are the three basic economic questions?
Socialism
In a command economy, who makes all of the decisions?
government
Most countries are what type of economy?
command
