~Economic~ Flashcards
Decisions are based on customs, traditions, and beliefs of the past
Traditional Econ
Decisions made by government
Command Econ
Communist government~Government controls everything
Market Econ
Characteristics of command and market
Mixed Econ
Limited supply of something
Scarcity
Trading without money
Bartering
Competition between companies
Free enterprise
You get to decide most to everything
Captalism
public rather than private ownership or control of property and natural resources
Socialism
Supply/Demand
The amount of a product, or service available and the desire of buyers for it, considered as factors regulating its price.
Human Resources
Image result for human resources examples basic Human resources is the person or group of people at a company who manages all things related to its employees.
What are 3 basic econ questions?
What, Who, How
In a command econ, who makes all of the decisions?
The Government
Most countries are what economy?
Mixed Econ