Econ Flashcards
All economic decisions are based on customs, traditions, and beliefs of the past.
Traditional Economy
All economic decisions are made by the government.
Command Economy
Economic decisions are made based on changes in prices that occur as buyers and sellers interact in the marketplace.
Market Economy
On the Economic Continuum, between Command and Market economies.
Mixed Economy
The limited supply of something.
Scarcity
Trading without using money.
Bartering
Competition between companies (shifts prices of goods/services.)
Free Enterprise
The government has no control over the economy; private citizens answer all economic questions.
Capitalism
The government is in control of everything.
Socialism
How much of a product there is and how many people want to buy said product.
Supply/Demand
The personnel of a business or organization, especially when regarded as a significant asset.
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
