Economic Flashcards
what is this.based on small communities,families, and tribes.Hunter and gather society. and relies on bartering
Traditional Economic System
what is this,government/central powers own the means of production they also decide what to produce. slow to respond to economic change.
Socialism – Command economic system
The private enterprises government does not participate in economic decision.
Capitalism – Market economic system
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
an economic system combining private and public enterprise.
Mixed Economy
the state of being scarce or in short supply; shortage.
Scarcity
exchange (goods or services) for other goods or services without using money.
Bartering
an economic system in which private business operates in competition and is largely free of state control.
Free Enterprise
an economic and political system in which a country’s trade and industry are controlled by private owners for profit.
Capitalism
Socialism is a political philosophy and movement encompassing a range of economic and social systems
Socialism
supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices
supply and demand
Human resources or the people working in the organization are the most important resource
Human Resources
In a command economy, who makes all of the decisions?
the government
What are the three basic economic questions?
what will be produced, how will it be produced, and how will the output society produces be distributed
Most countries are what type of economy?
mixed economy
