economic system Flashcards
scarcity.
the limited supply of something.
what are the three economic.
what goods/services will be produced, how will goods/services will be produced, who will consume the goods/services.
traditional economy.
all economic decisions are based on customs,traditions,and beliefs.
nation-state
country that is ethnically/racially the same
communism
system in which everyone shares wealth gov redistributes wealth
capitalism
industry is controlled by the private citizen
human resources
a person and their skills you.
supply and demand
amount of product available and peoples willingness to buy the product
bartering
trading without using money
command economy
all economic decisions are made by the government
market economy
economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place.
free Enterprise
competition between companies.
all countries are what economic system.
mixed
the economic continuum
how free a country is on a scale.
