Economic systems Flashcards
1
Q
scarcity
A
the limited supply of something
2
Q
when developing the economic plan each country must ask 3 basic questions
A
what how goods services will be produced and who will consume the goods or services
3
Q
the way a country answers these questions determines what kind of economic system it will have
A
traditional, command, and market
4
Q
bartering
A
trading without using money
5
Q
capitalisam
A
one person owns
6
Q
communism
A
no one owns something private
7
Q
supply and demand
A
limited supply more people want to buy demand more product
8
Q
nation state
A
country
9
Q
A
10
Q
A
