Econ Flashcards
a system that relies on customs, history and time honored beliefs.
traditional economy
all economic decisions are made by the government.
Command economy
economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place.
market economy
an economic system combining private and public enterprise.
mixed economy
the limited supply of something
scarcity
trading without using money
bartering
an economic system in which private business operates in competition and largely free of state control.
free enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
capitalism
A political and economic theory of social organization.
socialism
The amount of product available for buyers\consumers.
supply/demand
A personnel of a business or organization.
human resources
what are the three economic questions?
what, how, who
in a command economy, who makes all of the decisions.
the government
most countries are what type of economy
mixed economy
