Econ Flashcards
a Economy where decisions are based on customs,traditions or beliefs
Traditional Economy
All Economic decisions are made by the government
Command Economy
Economic decisions are made based on changes in prices that occur as buyers and sellers interact
Market Economy
When countries have the characteristics of more than one Economy
Mixed Economy
Limited supply of a good or service
Scarcity
when a buyer and seller make a trade of goods they want with no money
Bartering
Competition between companies
free enterprise
when a country’s Economic and political system are in which the trade industry is controlled by private owners for profit
Capitalism
a philosophy and movement encompassing a range of economic and social systems
socialism
when the consumers want more of one good or service
supply and demand
A service or job that a human runs or does
human resources
What are the three basic economic questions?
what goods/ services will be produced
how that good/service will be produced
who will consume the good/service
who makes all decisions in a command Economy
The Government
Most countries are mostly this type of Economy
Mixed Economy
