Economic System Flashcards
Traditional Economy
A traditional economy is a system in which the development and distribution of goods and services are determined by customs
Command Economy
system in which the means of production are publicly owned and economic activity is controlled by a central authority
Market Economy
A government system that based on trading and only trading
Mixed Economy
Two different economies, two different government types
Scarcity
Having low reserves of materials
Bartering
Trading with no type of currency
Free Enterprise
Competition between the two parties or more that desires one another’s things
Capitalism
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests
Socialism
a 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
Supply/Demand
supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity
Human Resources
Resources that humans make on their own
What are the three basic economic questions?
what produce,how to produce,whom to produce
In a command economy, who makes all of the decisions?
the government
Most countries are what type of economy?
mixed economy
