econ Flashcards
What does Traditional Economy mean?
A system that relies on customs and history believes
What does Command Economy mean?
All the economic systems are made by the Government
What does the Market Economy mean?
Economic decisions are made based on the changes in prices
What does Mixed Economy mean?
Democratic countries that has some characteristics of both systems
What does Scarcity mean?
The limited supply of something
What does Bartering mean?
Trading without using money
What does Free Enterprise mean?
Competition between companies
What does Capitalism mean?
An economic system in which a country’s trade and industry are controlled by private owners for profit.
What does Socialism mean?
An economic theory of social organization
What does Supply/Demand mean?
The amount of a commodity, product, or service available and the desire of buyers
What does Human Resources mean?
The department in a business that is responsible for all things worker-related
What are the three basic economic questions?
What will be produced, how will it be produced, and how will the output society produces be distributed?
In a command economy, who makes all of the decisions?
The government
Most countries are what type of economy?
Mixed economy
