Econimic System Flashcards
Scarcity
the limited supply of something
what are the three economic questions?
what, who,how
nation state
Country that is homogenous
communism
Everyone is the same and all wealth and property are communally owned
capitalism
industries are owned by private individuals no government interference
human Resource
You, Person and there skills.
Supply & Demand
The amount of product available & people’s willingness to buy the product,
traditional economy
a system that relies on customs,history, and time-honored beliefs.
bartering
exchanging goods for other goods.
command economy
a economic system in which a central government dictates permissible levels of production and prices.
market economy
an economic system which decisions and the prices of goods and services
free enterprice
a competition of two different companies
mixed economy
a system that combines aspects both capitalism and socialism.
economic continuum
based on government control
