econ Flashcards
Traditional Economy
Where you do the same work as your ancestors. Most buying happens with bartering.
Command Economy
the government is in control of everything like what’s produced the products and even who can buy them.
Market Economy
this is where the government has no control over anything it’s just the seller and the buyer which could be bad when there’s no laws in place for products.
Mixed Economy
this is most common nowadays this is where the government has restrictions but there’s also options for sellers.
Scarcity
being short of something or not having a big supply
Bartering
this is where one good is traded for another.
Free Enterprise
this is where a seller has all the power over their product.
Capitalism
is where sellers will compete to have the best product and be at the top.
Socialism
this is where the workers for the government own the buildings that make goods like factories.
Supply/Demand
this refers to how the company produces their product but also who wants it.
Human Resources
the part of a company that is responsible for all things worker related.
What are the three basic economic questions
what will be produced, how will it be produced, and who consumes what is produced.
In a command economy, who makes all of the decisions
the government makes all decisions no mater what.
Most countries are what type of economy
a mixed economy
