economic system

Question 1

scarcity

Answer 1

the limited supply of something

Question 2

what 3 basic economic questions are answered by

Answer 2

what how why

Question 3

all economic decisions are based on

Answer 3

costume traditioal and belifes of the past

Question 4

the exchanges of good is done through what

Answer 4

bartering

Question 5

all economic decisions are made by what

Answer 5

government

Question 6

econmy dissishions are made based on the changes in prices buyers and sellers interact in the what

Answer 6

market place

Question 7

_______compition between _______shifts price of goods and services

Answer 7

free enterprise companies

Question 8

most demorcattic countries have some charisteristics of both systems so we kept in simple and call them what

Answer 8

mixed

Question 10

nation state

Answer 10

a country

Question 11

communism

Answer 11

everyone is equal and all property is communally owned

Question 12

capitalism

Answer 12

everything is privitly owned and ruled by free competition

Question 13

human resoures

Answer 13

workers and there skill

Question 14

supply and demand

Answer 14

amount of a product and peoples willingness or ability to purchase it