economic Flashcards
economic system
A means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country
market economy
an economic system in which individuals, rather than the state, own most of the resources
mixed economy
combines aspects of both capitalism and socialism
communism
a political and economic ideology that positions itself in opposition to liberal democracy and capitalism
scarcity
the quality or state of being scarce
human resources
any person who is compensated for supplying skills or knowledge to help an organization achieve its business goals
supply and demand
Supply rises while demand declines as the price increases. Supply constricts while demand grows as the price drops
goods and services
Goods are tangible, can be owned, returned, and have their quality measured; services are not tangible, cannot be owned, returned, and cannot easily have their quality measured
socialism
social and economic doctrine that calls for public rather than private ownership or control of property and natural resources
traditional economy
those in which customs and traditions are more important than money
capitalism
Capitalism refers to an economic system in which a society’s means of production are held by private individuals or organizations, not the government, and where products, prices, and the distribution of goods are determined mainly by competition in a free market
command economy
requires that a nation’s central government own and control the means of production
