economic system Flashcards
nation state
countries that are ethnically racially the same
system in which everyone shares wealth. gov, redistributes wealth.
communism
industry controlled by the private citizen.
capitalism
human resources
a person and their skills
supply and demand
the amount of product available and how much someone wants it.
what are the three basic econ questions?
what goods/services will be produced
how will goods/services be produced
who will consume the goods.
scarcity
limited supply of something
traditional econ
customs, trades, beliefs
bartering
trading without using money
decisions made by the government
command econ
market econ
based on chaged prices from buyers and sellers actions.
free enterprise
comp between companies that the government doesn’t have control over
mixed
democratic countries with charecteristics of both systems
