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 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 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 and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialism
The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Supply/Demand
The personnel of a business or organization, especially when regarded as a significant asset.
Human Resources
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?
A central government
Most countries are what type of economy?
Mixed economy
