Economic Systems Flashcards

1
Q

Scarcity

A

The limited supply of something

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2
Q

What are the three basic economic systems?

A

What goods/services will be produced
How will goods/services be produced
Who will consume the goods/services

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3
Q

Traditional Economy

A

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

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4
Q

Bartering

A

trading without using money

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5
Q

Command Economy

A

All economic decisions are made by the Government.

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6
Q

Capitalism

A

Private citizens own all means of production. No Government Control.

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7
Q

Nation-state

A

Country Examples:Japan,South Korea

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8
Q

Communism

A

A society where everyone owns everything. Government distributes wealth.

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9
Q

Human Resources

A

You. Person and their skills.

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10
Q

Supply and Demand

A

Amount of a product available and peoples willingness to purchase a product.

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11
Q

Market Economy

A

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

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12
Q

Free Enterprise

A

Competition between companies

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13
Q

Most democratic countries have some characteristics of both systems, so we keep it simple and call them:

A

Mixed

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14
Q

The economic Continum

A

How economically free a country is on a scale of 0-100

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