Econmic systems Flashcards
Traditional Economy
it is a economic system based on agriculture , fishing , and hunting .
Command Economy
It is a type of economic system in which the government has a monopoly on the market .
Market Economy
it is an economic system in which the government has no control over the market and citizens and businesses decide which goods to produce in what quantity .
Mixed Economy
It is a mix all above mentioned economys i.e governments intervene through the market and there are also free forces .
Scarcity
it can come in the form of physical goods such as gold , oil , or land or Money , labour , and capital .
Bartering
is a trade of goods or services between two or more people that does not include the use of money or a mentary device as a credit card .
Free Enterprise
An economic system in which private business operates and largey free of state control .
Capitalism
a economic and political system in which countries trade and industry and are controlled by private owners
Socialism
distribution , exchange that should be owned or regulated by the community .
Supply/Demand
The amount of community and the desire of buyers for it .
Human resources
a business responsible for finding , screening , recruiting , and training job applications .
what are three basic economic questions ?
what resources should be used , what will it have to produce , and how do u produce ?
in a command economy , who makes all the decisions ?
the government
