Econ Flashcards
1
Q
all economics are based on customers, traditions and beliefs of the past
A
Traditional Economy
2
Q
a limited supply of something
A
Scarcity
3
Q
trading without using money
A
Bartering
4
Q
all economic decisions are made by the government
A
Command Economy
5
Q
economic decisions are made based on the changes in prices that as buyers and sellers interact
A
Market Economy
6
Q
A
Mixed Economy
7
Q
competition between companies
A
Free Enterprise
8
Q
an economic and political system in which a country’s trade and industry are controlled by private owner for profit
A
Capitalism
9
Q
a political and economic theory of social organization
A
Socialism
