Economic Systems Flashcards
1
Q
Scarcy
A
The limited supply of something
2
Q
What
A
goods will be produce
3
Q
How
A
will goods service will be produce
4
Q
Who
A
will consume the goods
5
Q
Command
A
All the econ decisions is made by the Government
6
Q
Market Economy
A
Decisions made based on the change in price that occur as buyer or sellers
7
Q
Free enterprise
A
Competitions between other companies
8
Q
Economic System
A
The systems of what makes the econ
9
Q
Economy traditional
A
What you do based on what your family did
10
Q
Nation State
A
Country
11
Q
Communism
A
Everyone is equal and all property is community owned
12
Q
Capitalism
A
Everything is privately owned and has free competition
13
Q
Human Resources
A
Are workers and have skills
14
Q
Supply and Demand
A
Amount of a product and buyers are willing to buy/purchase
