Economic Systemes Flashcards
1
Q
scarcity
A
the limited supply of something
2
Q
what are the 3 basic economic questions
A
What goods/ services will be produced
How will goods/ services be produced
Who will consume the goods/services
3
Q
Communism
A
no private ownership. Everyone equally owns everthing and work together
4
Q
Capitalism
A
Private ownership of everthing runs off the idea of free competion
5
Q
Nation state
A
country
6
Q
Supply and Demand
A
amount of a product & peoples willingress to buy it.
7
Q
Human Resource
A
workers and their skills
