Econ Flashcards
based on customs, traditions, and beliefs from the past.Example: villages in Africa and South America
Traditional Economy
decisions are made by government.
Command Economy
decisions based on change in price occured as buyers and sellers interactions in the market place
Market Economy
Countries that have some characteristics of both system.
Mixed Economy
The limited supply of something.
Scarcity
Trading without using money.
Bartering
Competition between companies
Free Enterprise
economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
an economic and political system based on collective ownership of the means of production
Socialism
Supply refers to the market’s ability to produce a good or service, whereas demand refers to the market’s desire to purchase the good or service.
Supply/Demand
personnel of a business or organization, especially when regarded as a significant asset.
Human Resources
What goods/services will be produced? How will goods be produced? who will consume the good and/services?
What are the three basic economic questions?
Government
In a command economy, who makes all of the decisions?
MIxed
Most countries are what type of economy?
