economic system Flashcards
1
Q
scarcity
A
the limit or supply of something
2
Q
the 3 economic questions
A
what how who
3
Q
nation state
A
countrie with a goverment
4
Q
communism
A
everyone is equal or a classles society and all property is communaly owned
5
Q
traditional economy
A
all economic beliefs are based on customs and beliefs
6
Q
capitilism
A
everything is privatley owned
7
Q
human resources
A
workers and their skills
8
Q
bartering
A
trading without using money
9
Q
command
A
all decisions are made by the goverment
10
Q
economic decisions are made based on the changes in prices that occur in the blank
A
free interprise
11
Q
free interprise helps make the decisions
A
compitition between companies
12
Q
human resources
A
workers and their skills
13
Q
A
