Economic System Flashcards
The limited supply of something
Scarcity
basic economic questions
traditional, command, and market
All economic systems are based on…
customs, traditions, and briefs
The exchange of goods is done through…
Barertings
All economic decisions are made by the..
Government
Economic decisions are made based on the changes in prices that occur as buyers and sellers interest in the..
Market Place
Compititions between companies
Free Enterprise
Most democratic countries have some characteristics of both systems, so we keep it simple and call them
Mixed
Economic free a country on a scale of zero to hundred
Economic Continuum.
Country
Nation-state
No private ownership. Everyone equally owns everything and works together.
Communism
Private ownership. Runs off of the idea of free competition.
Capitalism
The amount of a product and peoples willingness to by it
Supply and Demand
Workers and their skills
Human Resource
