econ Flashcards
nation state
country that is ethnically or racially the same (japan)
scarcity
the limited supply of something
three economic questions
what goods will be produced
how will goods be produced
who will consume the goodsservices
all economic desicions are based on
costumes traditional relifs
Communisim
system in which everyone shares wealth gov redistributes wealth
the exchange of goods is done through
bartering
capitalism
industry is controlled by the private citizen no gov interference
all economic decisions are made by the
government
human resources
a person and their skills you.
economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the
marinet prise
supply and demand
The amount of product avalible and peoples willingness to buy the product
free enterprise helps make what decisions
free carterprise compition between companies
most democracic countries have some characteristics of both systems so we keep it simple and call them
mixed
The economic continuum
how free a country is based on a scale of 0-100
