Economic cards Flashcards
People will do the same thing their parents did
Traditional economy
All economic decisions are made by the government
Command economy
Economic decisions are based on the price
Market economy
An economic system based on combining public and private enterprise
Mixed economy
A shortage or limited amount of the thing
Scarcity
You get something without using money
Bartering
A economic system which a private system operates in
Free enterprise
Trades are controlled by owners for profit
capitalism
political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
socialism
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
supply and demand
the personnel of a business or organization, especially when regarded as a significant asset.
human resources
what will be produced, how will it be produced, and how will the output society produces be distributed?
What are 3 basic economic questions?
in command economy who makes all the decisions?
The central goverment
most countries are what economy?
Mixed economy
