Econ Flashcards
all economic decisions are based on customs, traditions
Traditional Economy
all economic decisions are made by the government
Command Economy
economic decisions are made based on changes in the prices that occur as buyers & sellers interact in the market place
Market Economy
most democratic countries have some characteristics of both systems
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 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
the personnel of a business or organization, especially when regarded as a significant asset.
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?
he government
Most countries are what type of economy?
mixed economy
