Econ Flashcards
The people rely on bartering/trading instead of using money. Jobs are passed down through ancestors. Example: If your grandpa is a farmer that means your dad and his siblings have to become farmers, then you and your siblings have to become a farmer, and your kids will have to, and so on.
Traditional Economy
The government owns and controls everything. They decide what goods and services will be produced, how they’ll be produced, and who will buy them.
Command Economy
The government has no control over anything. The owners of the factories, businesses, etc. decide what goods and services will be produced, how they’ll be produced, and who’ll buy them.
Market Economy
It’s a mix of market and command. The owners get a say but so does the government.
Mixed Economy
A limited supply of something
Scarcity
Trading something you have to get what you need. Not money.
Bartering
Competition between companies. Example: Android and Apple both sell the same product, but need to compete to get more sales.
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 that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialism
Demand, in economics, is the willingness and ability of consumers to. purchase a given amount of a good or service at a given price. Supply is the willingness. of sellers to offer a given quantity of a good or service for a given price.
Supply/Demand
he division of a business responsible for finding, screening, recruiting, and training job applicants.
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?
The government.
Most countries are what type of economy?
Mixed Economy
