Econ <3

Question 1

Traditional Economy

Answer 1

All economic decisions are based on customs, traditions, & beliefs of the past

Question 2

Command Economy

Answer 2

All economic decisions are controlled by the Government.

Question 3

Market Economy

Answer 3

Economic decisions are based on the changes in prices that occur as buyers & sellers interact in the market place

Question 4

Mixed Economy

Answer 4

A mix between a Command and Market economy

Question 5

Scarcity

Answer 5

the limited supply of something

Question 6

Bartering

Answer 6

trading without using money

Question 7

Free Enterprise

Answer 7

competition between companies (shifts prices of goods/services)

Question 8

Capitalism

Answer 8

Another way to describe a mixed economy

Question 9

Socialism

Answer 9

an economic and political system where the workers or the government own the buildings and tools that make goods and services like farms and factories. This can be achieved through decentralized and direct worker-ownership, or through centralized state-ownership of the means of production.

Question 10

Supply/Demand

Answer 10

Things that consumers / customers buy

Question 11

Human Resources

Answer 11

the department within a business that is responsible for all things worker-related.

Question 12

What are the three basic economic questions?

Answer 12

what will be produced, how will it be produced, and how will the output society produces be distributed?

Question 13

In a command economy, who makes all of the decisions?

Answer 13

central government

Question 14

Most countries are what type of economy?

Answer 14

mixed economy