Econ Flashcards
People will make what they always made & do the same things their parents did.
Traditional Economy
All economic decisions are made by the Government.
Command Economy
Economic decisions are based on the changes in prices that occur as buyers % sellers interact in the market place.
Market Economy
Most democratic countries have some characteristics of both systems, so we keep it simple and call them mixed!
Mixed Economy
The limited supply of something.
Scarcity
Trading without using money.
Bartering
Competition between companies (shifts prices of goods/services).
Free Enterprise
Controlled by private owners of profit.
Capitalism
a political and economic theory of social organization which advocates that the means of production.
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 department of a business or organization that deals with the hiring, administration, and training.
Human Resources
what will be produced, how will it be produced, and how will the output society produces be distributed.
What are the three basic economic questions?
The government (leader)
In a command economy, who makes all of the decisions?
Command or market economies
Most countries are what type of economy?
