Econ Flashcards
Traditional Economy
Doing something an ancestor did.
Command Economy
For the government to have complete control of the economy.
Market Economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Mixed Economy
an economic system combining private and public enterprise.
Scarcity
The limited supply of something because of this, countries must make a plan of how to use these limited resources.
Bartering
To buy something without using money.
Free Enterprise
to buy something without using money
Capitalism
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Socialism
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.
Supply/demand
Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy.
Human Resources
People that work
What are the three basic economic questions?
what/how/who
In a command economy, who makes all of the decisions?
The government
Most countries are what type of economy?
Most countries are mixed
