Econ Flashcards
A system that relies on customs, history, and time-honored believes.
Traditonal Ecomony
a system in which a central government makes all economic decisions.
Command Ecomomy
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 Ecomomy
a system that combines aspects of both capitalism and socialism.
Mixed Ecomony
the demand for a good or service
Scarcity
a cashless economic system in which services and goods are traded at negotiated rates
Battering
an economic system that provides individuals the opportunity to make their own economic decisions
Free Enterprise
Its a Economic sytem
Capitalism
a populist economic and political system based on collective, common, or public ownership of the means of production.
Socialism
the willingness and ability of consumers to. purchase a given amount of a good or service at a given price.
Supply/Demand
studies individual, family, and market investments in various forms of human capital such as education, on-the-job training, and health.
Human resources
What goods and services should be produced to meet consumer needs?
basic economic questions?
Government
In a command economy, who makes all of the decisions?
Mixed ecomony
Most countries are what type of economy?
