Econ Flashcards
a system that relies on customs,history and time honored beliefs
Traditional Economy
a system in which the government makes all the decisions.
Command Economy
prices are determined by competition between privately owned businesses
Market Economy
a economic system combining private and public enterprise
Mixed Economy
the demand for a good or service is greater than the availability of the good or service
Scarcity
a cashless economic system in which services and goods are traded at negotiated rates
Bartering
an economic system in which private business operates in competition and largely free of state control
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 based on collective ownership of the means of production
Socialism
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
Supply/Demand
a company’s employees or contractual workforce
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?
All economic decisions are made by the GOVERNMENT
Most countries are what type of economy?
Mixed economy
