Econ Flashcards
All economic decisions are based on customs, traditions, & beliefs of the past.
Traditional Economy
All economic decisions are made by the Government.
Command Economy
Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the markets place
Market Economy
Command & Market that make……
Mixed Economy
The limited supply of something
Scarcity
Trading without using money
Bartering
Competition between companies (shifts prices of goods/services)
Free Enterprise
An 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 where the workers or the government own the buildings and tools that make goods and services like farms and factories.
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
The set of people who make up the workforce of an organization, business sector, industry, or economy.
Human Resources
What are the three basic economic questions?
What goods/services will be produced? How will goods/services be produced? Who will consume the goods/services?
In a command economy, who makes all of the decisions?
The government.
Most countries are what type of economy?
Mixed
