Economic system Flashcards
what does Scarcity mean?
The limited supply of something
What are the 3 basic questions countries must ask the economic system
What, How, Who
Nation-state is?
a country with a government
what is Communism?
Everyone is equal and all property is communally owned
Capitalism is?
Everything is privately owned and ruled by free competition
Human-resources
Workers and their skills
Supply and Demand is?
The amount of a product and people’s willingness or ability.
What is traditional Economy?
All economy decisions are based on custom tradition and beliefs
What is bartering?
Trading without using money
What is command Economy?
All economic decisions are made by the government
Free Enterprise means?
A competition between companies
What is market economy
Economic decisions are made based on the changes in prices that occurs as buyers and sellers interact in the market place
What do they call the democratic countries that has some characteristics of both systems.
Mixed
What does the economic continuum mean
The freedom of a individual.
