Economic Flashcards
Scarcity
The state of being scare or in short supply
What are the three basic economic questions
What to produce how to produce it and who to produce for
Traditional economy
Base economic decision on cultural values and beliefs
Bartering
Exchange for goods or services without using money
Command economy
That a nations central government own and control the means of production
Market economy
Search Results
Featured snippet from the web
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services
Free enterprise
An economic system in which private business operates in competition and largely free of state control
Mixed economy
a system that combines aspects of both capitalism and socialism.
Economic continuum
A continuum based on government control
Nation state
A nation state is a political unit or the state externalize political organization organization rolling over population within a territory
Communism
A theory or a system of social organization based on holding of a property in common actual ownership be described as a community as a whole or two of the state
Capitalism
A theory or a system of social organization based on holding of a property in common actual ownership be described as a community as a whole or two of the state
Human reasources
A person and their skills including you!!
Supply and demand
Amount of a product available and peoples willingness to buy the product
