econ Flashcards
1
Q
All economic decisions are based on custom,tradition, and beliefs
A
traditional economy
2
Q
all economic decisions are made by the government.
A
command economy
3
Q
economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place
A
market economy
4
Q
most democratic countries have some characteristics of both systems , so we keep it simple and call them: mixed
A
Mixed economy
5
Q
the limited supply of something
A
scarcity
6
Q
trading without using money
A
Bartering
7
Q
competition between companies
A
Free Enterprise
8
Q
all of these countries have the same type of government.
A
Capitalism
9
Q
a political philosophy.
A
Socialism
10
Q
to ability of good service
A
supply/demand
11
Q
when they resources.
A
human resources
