Econ Flashcards
traditional economy
effsall economic decisions are based on custom traditional beliefs
command economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
market economy
a n economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
mixed economy
an economic system combining private and public enterprise.
scarcity
Scarcity refers to the most basic economic problem: the gap between limited—that is, scarce—resources and theoretically limitless wants
bartering
Bartering is the exchange of goods and services between two or more parties without the use of money. · It is the oldest form of commerce.
free enterprise
an economic system in which private business operates in competition and largely free of state control.
capitalism
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
socialism
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.
“we want a
supply/demand
supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that.
human resources
he department of a business or organization that deals with the hiring, administration, and training of personnel.
what are three basic economic question
What goods service will be produced what goods services will be produced how will goods/services who will consume the goods/services
in a command economy, who makes all of the decisions
government decides what will be produced
government decides to give tem things government who o gives them to
Most countries are what type of economy?
command and market
