econ Flashcards

1
Q

all economic decisions are based on customs,traditions, and beliefs

A

traditional economy

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2
Q

all economic decisions are made by the government

A

command economy

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3
Q

all economic decision are based on the changes in prices that occur as buyers and sellers interact in the market price

A

market economy

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4
Q

is where countries have both market and command economies

A

mixed economy

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5
Q

when there is not a lot of something in places

A

scarcity

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6
Q

trading for thing instead of using money

A

bartering

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7
Q

competition between companies

A

free enterprise

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8
Q

when a counties trade and industry are controlled by private owners

A

capitalism

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9
Q

when the people have to decide everything they have to work together to decide

A

socialism

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10
Q

the amount of goods available for the people

A

supply/demand

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11
Q

when the people do all of the work and all of the labor

A

human resources

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12
Q

what goods/services will be produced, how will the goods/services be produced, who will consume the goods/services

A

what are three basic economic questions

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13
Q

the government

A

in a command economy who make all of the decisions

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14
Q

mixed

A

most countries are what type of economy

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