Econ Flashcards
a system that relies on customs, history, and time-honored believes.
Traditional Economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Market Economy
an economic system combining private and public enterprise.
Mixed Economy
the state of being in short supply; shortage.
Scarcity
exchange (goods or services) for other goods or services without using money.
Bartering
an economic system in which private business operates in competition and is largely free of state control.
Free Enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
a political philosophy and movement encompassing a range of economic and social systems.
Socialism
the willingness and ability of consumers to. purchase a given amount of a good or service at a given price.
Supply/Demand
the division of a business responsible for finding, screening, recruiting, and training job applicants.
Human Resources
What are the three basic economic questions?
What, How, and Who
In a command economy, who makes all of the decisions?
Government
Most countries are what type of economy?
Mixed Economy
