econ Flashcards
a state power is held by the people and their elective representatives elected and nominated
republic
is a a system that relies on custom history
traditional economy
is organized by centralized government owns most of bussines
command enconomy
a system in which production and prices and determined un stricted
market economy
an economic system that combines private and public enterprise
mixed economy
the state of being scarce or 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 largely free of state control
free enterprise
economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
a political and economic theory of social organization which advocates that the means of production, distribution.
socialism
the amount of a commodity, product, or service available and the desire of buyers
supply/demand
Human resources is the division of a business responsible for finding, screening, recruiting, and training job applicants.
Human resources
questions: What should we produce? How should we produce it? For whom should we produce it?
What are the three basic economic questions?
The decisions in a command economy are made by the government.
In a command economy, who makes all of the decisions?
Mixed Economy Definition. The mixed economy definition is an economy where both the private market
Most countries are what type of economy?
