Econ Flashcards
A Economy that follows culture
Traditional Economy
A Economy that is ruled fully by a leader
Command Economy
citizens and businesses decide which goods to produce and in what quantity. Prices are determined by the law of supply and demand.
Market Economy
in this economy, there is competition and the government protects the interests of the people. Governments are also responsible for creating economic plans.
Mixed Economy
A certain amount of resources
Scarcity
Buying products by not using money
Bartering
A private business competing in a large nation state
Free Enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
political system where the workers or the government own the buildings and tools that make goods and services like farms and factories.
Socialism
is the amount of a specific good or service that’s available in the market also is the amount of the good or service that customers want to buy.
Supply/Demand
is the process of employing people, training them, compensating them, developing policies relating to the workplace, and developing strategies to retain employees.
Human Resources
What are the three basic economic questions?
What Goods/Services will be produced?
How will goods/services be produced?
Who will consume the goods/services?
In a command economy, who makes all of the decisions?
The Government
Most countries are what type of economy?
Mixed Economy
