Economic system Flashcards
1
Q
scarcity
A
the limited supply of something
2
Q
three basic economic questions
A
what how who
3
Q
traditional economy
A
4
Q
command economy
A
4
Q
market economy
A
5
Q
free enterprise
A
6
Q
market place
A
7
Q
mixed economy
A
8
Q
the economy continuum
A
9
Q
nation state
A
country
10
Q
communism
A
no private ownership
11
Q
capitalism
A
private ownership of everything
12
Q
human resource
A
workers and there skill
13
Q
supply and demand
A
amount at a product and peoples willingness to buy it
