econ Flashcards
a system that relies on customs, history, and time-honored believes.
Traditional Economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
“the process of transition to a market economy led to major changes”
Market Economy
an economic system combining private and public enterprise
Mixed Economy
the gap between limited—that is, scarce—resources and theoretically limitless wants.
Scarcity
a cashless economic system in which services and goods are traded at negotiated rates.
Bartering
an economic system that provides individuals the opportunity to make their own economic decisions, free of government constraints, and as private profit-potential businesses
Free Enterprise
an economic system in which private actors own and control property in accord with their interests, and demand and supply
Capitalism
a populist economic and political system based on collective, common, or public ownership of the means of production.
Socialism
Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy
Supply/Demand
Human Resources
What are the three basic economic questions?
what will be produced,how will it be produced,and how will the output society produces be distributed?
In a command economy, who makes all of the decisions?
a central government
Most countries are what type of economy?
mixed economy,
