Econ Flashcards
All economic decisions are based on customs and tradition of the past
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 and sellers interact in the marketplace
Market Economy
an economic system combining private and public enterprise
Mixed Economy
the limited supply of something
Scarcity
trading without using money
Bartering
competition between companies
Free enterprise
an economic and political system where a country’s trade and industry are controlled by private owners
Capitalism
a political and economic theory where the social organization advocates the means of production, distribution, and exchange
Socialism
The amount of service available and the desire of buyers for it
Supply/Demand
the personnel of a business or organization
Human Resources
What are the three basic economic questions?
What will be produced?, How is it produced?, How will it be distributed?
In a command economy, who makes all of the decisions?
The Government
Most countries are what type of economy?
Mixed Economy
