Econimic

Question 1

Scarcity

Answer 1

the limited supply of something

Question 2

what are the 3 basic economic questions

Answer 2

what good/services will be produced?”
How will goods/services be produced?
who will consume the goods/services?

Question 3

Traditional Economy

Answer 3

All economic decisions are based on customs, tradition, and beliefs of the past

Question 4

Bartering

Answer 4

trading without using any money

Question 5

command Economy

Answer 5

all economic decisions are made by the government

Question 6

Market Economy

Answer 6

an economic system where two forces, known as supply and demand, direct the production of goods and services

Question 7

Free Enterprise

Answer 7

an economic system where a government places very few restrictions on the types of business activities or ownership in which citizens participate.

Question 8

Mixed Economy

Answer 8

a system that combines aspects of both capitalism and socialism.

Question 9

Economic Continuum

Answer 9

made up normally-sized agents, there are just an infinite number of them.

Question 10

Nation-State

Answer 10

political unit where the state, a centralized political organization ruling over a population within a territory,

Question 11

Communism

Question 12

Capitalism

Question 13

Human-Resources