Economic Systems Flashcards

1
Q

Scarcity

A

Economic System

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2
Q

What are the three basic economic questions?

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

relies on customs, history, and time-honored believes.

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4
Q

Bartering

A

exchange for other goods or services without using money.

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5
Q

Command Economy

A

determines what is produced, how it is produced, and how it is distributed.

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6
Q

Market Economy

A

two forces, known as supply and demand, direct the production of goods and services.

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7
Q

Free Enterprise

A

private business operates in competition and largely free of state control.

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8
Q

Mixed Economy

A

private business operates in competition and largely free of state control.

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9
Q

Economic Continuum

A

based on government control.

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10
Q

Nation-state

A

Country, Japan, South Korea

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11
Q

Communism

A

society where everyone owns everything. ex: government distributes wealth.

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12
Q

Capitalism

A

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

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13
Q

Human resources

A

You are a human resource person and their skills

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14
Q

Supply and Demand

A

amounts of a product available and people’s willingness to purchase a product

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