Economic systems Flashcards
Scarcity
the limited supply of something
What
Goods/services will be produced
How
will goods/services be produced
Who
will consume the goods/services
Nation-state
A country with a government
Communism
everyone is equal and all property is communally owned
Capitalism
Everything is privietly owned and ruled by free competition
Human Resources
workers and their skills
Supply and Demand
amount of a product and peoples willingness and ability to purchase it
Nation state
The nation state is a system of organization in which people with a common identity live inside a country with firm borders and a single government.
communism
Communism is a type of government as well as an economic system a way of creating and sharing wealth
capitalism
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit
human recources
a persons skills
supply and demand
a consumers willingness and ability to buy the product
