Econ Flashcards
All economic decisions are based on customs traditions of the past
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 seller interact in the marketplace
market economy
Most democratic countries of both characteristics of both systems
mixed economy
a limited supply of something
scarcity
trading without money
bartering
competition between companies
free enterprise
market economy
capitalism
the people own everything
socialism
how much people want it and how much will produce
supply/demand
resources that only humans make EX children
human resources
what are three basic economic questions
the way a country answers these questions determines what kind of economic system it will have
in a command economy,who makes all the decisions
the government
most countries are what type of economy
Market economy
