~Economic~ Flashcards

1
Q

Decisions are based on customs, traditions, and beliefs of the past

A

Traditional Econ

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2
Q

Decisions made by government

A

Command Econ

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3
Q

Communist government~Government controls everything

A

Market Econ

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4
Q

Characteristics of command and market

A

Mixed Econ

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5
Q

Limited supply of something

A

Scarcity

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6
Q

Trading without money

A

Bartering

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7
Q

Competition between companies

A

Free enterprise

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8
Q

You get to decide most to everything

A

Captalism

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9
Q

public rather than private ownership or control of property and natural resources

A

Socialism

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10
Q

Supply/Demand

A

The amount of a product, or service available and the desire of buyers for it, considered as factors regulating its price.

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11
Q

Human Resources

A

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.

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12
Q

What are 3 basic econ questions?

A

What, Who, How

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13
Q

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

A

The Government

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14
Q

Most countries are what economy?

A

Mixed Econ

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