Economic system Flashcards
A natural or human made material used in the production of goods
Resources
An economic system in which resources are used and distribute based on government decisions
Command economy
A person who organizes and manages a new business
Entrepreneur
The system of how laws are created and enforced
Government
A plan proposed by a government or individual to solve A problem
Policy
Extra money that is earned by a business or individual
Profit
How much of a product service or resource is available?
Supply
How much people desire, and are willing to pay for a product service or resource
Demand
Economic system in which resources are used and distributed based on unrestricted competition between privately owned businesses
Market economy
Economic system, combining both market and command economies
Mixed economy
The study of how resources are used and distributed
Economics
The situation where resources are in short supply or insufficient
Scarcity
People who purchase and or consume products
Consumer
People who produce and/or distribute products
Producer
The process of sharing or giving out resources
Distribution
An economic system guided by the resources available and renewing those resources to producers and consumers never produce or consume more than they need
Traditional economy
