econ Flashcards
a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed
traditional econ
an economy in which production, investment, prices, and incomes are determined centrally by a government.
command econ
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
market econ
an economic system combining private and public enterprise.
mixed econ
the limited supply of something
scarcity
trading without the use of 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, considered as factors regulating its price
supply/demand
workers and their skills are used to produce a good or service
human resources
what are 3 basic econ questions
what goods will be produced
how will they be produced
who will buy them
in a command economy who makes the decisions
government
most countries have what econ
mixed
