Econ Flashcards
A basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed.
Traditional Economy
A system in which a central government makes all the economic decisions.
command Economy
An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.
Market Economy
Most deocratic countries have some characteristics of both systems, so we keep it simple and cal them mixed
Mixed Economy
the limited supply of something
scarcity
trading with using money
Bartering
A competition between componies
Free enterprise
what are the 3 basic economic questions?
What goods/services will be produced
In A command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
Mixed
Human Resources
