Econ Flashcards
A traditional economy system that relies on customs
Traditional Economy
government that owns all businesses
Command Economy
instead determined by the supply and demand of goods and services
Market Economy
mixed economy as it leaves ownership of the means of production in mostly private hands
mixed economy
supply shortage.a time of scarcit
Scarcity
for other goods or services without using money he often bartered a meal for drawing
Bartering
an economic system in which private business operates in competition and largely free of state control
Free Enterprise
an economic and political system in which a countrys 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
Socialism
win you give silplars and the daman is up
Supply/Demand
Human resources or the people working in the organization are the most important
Human Resources
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced
What are the three basic economic questions?
In a command economy, the government makes all the major economic decisions
In a command economy, who makes all of the decisions
Technically almost every country can be considered a mixed economy
Most countries are what type of economy?
