econ Flashcards
scarcity
The limited supply of something
Three economic questions
What are good services will be produced?
how will goods services be produced?
who will consume the goods service?
All economic decisions are based on
customs tradition beliefs
bartering
trading without using money
all economic decisions are made by the
government
economic decisions are based on
market price
free enterprise
competition between companies (shifts prices of goods/services)
most democratic countries have some characteristics of both systems
we call them mixed
The economic continuum
How free a country is on a scale of 0-100
nation state
country that is ethnically racially the same /example japan
communism
The system in which everyone shares wealth government redistributes wealth
capitalism
industry is controlled by the privated citizen.No government interference.
human resources
a person and their skills. me
supply and demand
amount of product avalible and peoples willingness to buy the product
