economic Flashcards
what is the limited supply of something
scarcity
what are the three basic economic
what,how,,who
A political unit, such as a country, with defined borders, people and system of
government
nation state
what is it called when everyone is the sam and all wealth and property are communally owned
communism
what is it called when industries are owned by private individuals no government inference
capitalism
what is it when a person and their skills
human resources
The amount of good/services and peoples willingness to buy the good/service.
supply and demand
What means competition between companies?
free enterprise
In which economic systems does the government have all control?
bartering
All countries today are what type of economic system?
mixed
In which economic systems does the government have all control?
command
In which economic system is all power in the hands of private citizens/businesses?
market
What is used to show how free a country is economically on a scale of 0-100?
Economic Continuum
In which economic system is bartering most commonly used?
Traditional Economy
