Econ Flashcards
This Economy is based on your anletor.
Traditional Economy
The Economy is contarl by the government
Command Economy
This Economy is a competition between companies.
Market Economy
Have both the Market and Command Economy.
Mixed Economy
The limited supply of something
Scarcity
Trading without money
Bartering
Competition between companies.
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.
Supply/Demand
Wood, food, and steel are all…
Human Resources
What are the three basic economic questions?
What good/services will be produced? How will good/services be produced? Who will consume the good/services?
In a command economy, who makes all of the decisions?
The government
Most countries are what type of economy?
Mixed
