Econ Flashcards
system that relies on customs, history, and time-honored beliefs
Traditional Economy
The central government dictates the level of production of goods and controls their distribution and prices
Command Economy
an economic system in which economic decisions and the pricing of goods and services
Market Economy
a system that combines aspects of both capitalism and socialism
Mixed Economy
The limited supply of something
Scarcity
Trading without using money
Bartering
Competition between companies
Free Enterprise
a government which upholds the private property rights necessary for capitalism
Capitalism
a political and economic theory of social organization
Socialism
relationship between the quantity of a commodity the producers wish to sell at various prices and the quantity that consumers to buy
Supply/Demand
Human envoirnment interactions
Human Resources
What will be produced, how will it be produced, and how will the output society produces be distributed
What are the three basic economic questions?
goverment
In a command economy, who makes all of the decisions?
What are the three basic econimic question?
Most countries are what type of economy?
