economic systems Flashcards
,.,
1
Q
3 basic economic question
A
what who and how
2
Q
limited supply
A
scarcity
3
Q
all based off of traditions
A
traditional economy
4
Q
bartering
A
trading without money
5
Q
economic decisions are made based in change of prices of buyers and sellers
A
market economy
6
Q
when you have characteristics of both systems
A
mixed echonomys
7
Q
how free the people are in money
A
The economic continuum
8
Q
all based off goverment
A
command econonomy
9
Q
plan on how to use limited recources
A
economic system
10
Q
a fancy outdated term for country
A
nation state
11
Q
private ownership
A
capitalism
12
Q
no private ownership of property should be aloud
A
communism
13
Q
prices are determined by how many people want the object and how many there are.
A
supply and demand
14
Q
a human workforce of an organization
A
human recourse
