Econ Flashcards
Traditional Economy
All economic decisions are based on customs,Traditions, and belifs
Command Economy
All economic decisions are made by the government
Market Economy
Economic decisions are made based on the changes in prices thats occur when buyers & sellers interact with the market palce.
Mixed Economy
they have everything but also some struggles too
Scarcity
the limited supply of something
bartering
trading without using money
Free Enterprise
a competition between componies
capitalism
a country’s trade and industry are controlled by private owners for profit.
socialism
production in the hands of the people
Supply/demand
They even out the prices of items to make it fair for others
human resources
Workers that use their skills to produce a good or service
what are the 3 basic economic questions?
What goods/services will be produced,how will goods/services be produced, and who will consume the goods/services?
in a command economy,who makes all of the decisions?
The government
most countries are what kind of economy?
Mixed Economy
