Economic systems Flashcards
1
Q
scarcity
A
The limited supply of something
2
Q
Basic three economic questions
A
what goods/services will be produced
how will goods/services be produced
who will consume the goods/services
3
Q
traditional Economy
A
based on your tradition or culture
4
Q
bardering
A
trading without money
5
Q
command economy
A
all economic decisions are made by the government
6
Q
market economy
A
Economic decisions are based on the buyers and seller
7
Q
free enterprise
A
competition between companies
8
Q
mixed
A
countries have characteristics of two systems
9
Q
economic continuum
A
how economic free a country to 0-100
