Economic Systems Flashcards
1
Q
Scarcity
A
The limited supply of something
2
Q
What are the three basic economic questions
A
1) What good/Service will be produced?
2) How will goods/services be produced?
3) Who will consume the goods/services?
3
Q
A
4
Q
Nation - state
A
A Country with a Government
5
Q
Communism
A
Everyone is equal and all property is communally owned
6
Q
Capitalism
A
Everything is privately owned and ruled ny free competition
7
Q
Human resources
A
Workers and their skills
8
Q
Supply and demand
A
The amount of a product and peoples willingness or ability to purchase it.
