Econ Flashcards
a system that relies on customs, history, and time honored
Traditional Economy
an economy in which production investment prices, and incomes are determined centrally by a government
Command Economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses
Market Economy
an economic system combining private and public enterprise
Mixed Economy
the state of being scarce or in short supply
Scarcity
exchange (goods or services) for other goods or services 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 which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
Socialism
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
Supply/Demand
what has Food and water
Human Resources
What are the three basic economic questions?
what will be produced, how will it be produced, and how will the output society produces be distributed
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
mixed economy
