Econ Flashcards
1
Q
Scarcity
A
The limited supply of something
2
Q
Socialism
A
econmic and political system where the workers or the goverment own the buildings and tools that make goods and services like farms and factaries.
3
Q
Supply/Demand
A
Supply refers to the markets abillity to produce a good or service, whereas demand also is to the market’s dessire to buy the good or service
4
Q
Capitalism
A
an econmic and political system which a country’s trade and industry are controlled by private owners for profit.
5
Q
Free Enterprise
A
an economic system which private business operates in competition and largely free of state control.
6
Q
Bartering
A
exchange for goods or services for other goods or services without using money.
