Economic Systems Flashcards

1
Q

What is Scarcity

A

The limited supply of something.

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2
Q

What are the three basic economic questions

A
  1. What goods/services will be produced 2. How goods/services will be produced 3. Who goods/services will be produced.
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3
Q

What is Traditional Economy

A

All economic decisions are based on customs, traditions and beliefs of the past.

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4
Q

What is Bartering

A

Trading without using money.

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5
Q

What is Command Economy

A

All economic decisions are made by the government.

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6
Q

What is market Economy

A

Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the market place.

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7
Q

What is Free Enterprise

A

Competition between companies (shifts prices of goods/services.)

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8
Q

What is Mixed Economy

A

An economic system combining private and public enterprise.

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9
Q

What is The Economic Continuum

A

Based off of government control.

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10
Q

Nation-state

A

A country with a government

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11
Q

Communism

A

Everyone is equal and all property is communally owned

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12
Q

Capitalism

A

Everything is privately owned and ruled by free competition

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13
Q

Human-resources

A

Workers and their skills

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14
Q

Supply and Demand

A
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