economic systems Flashcards
scarcity
demand for a good or service is greater than the availability of the good or service.
what are three basic economic questions
1) what goods and services should be produced to meet customer needs 2) How should they be produced and how should we protect them. 3)who should receive goods and services?
traditional economy
a system that relies on customs history and time-honored believes.
capitalism
industries are owned by privet individuals. No government enforces
human resources
you a person and their skills
communism
Everyone’s the same and all wealth and property are communally owned.
Bartering
The exchange of goods and services between two or more parties without the use of money
Command economy
A system in which a central government makes all economy decisions
Market economy
A type of economy system where supply and demand regulated the economy rather than government intervention
Free enterprise
An economy where the market determines prices product and services rather than the government
Mixed economy
A system that combines aspects of both capitalism and socialism
nation state
A system over organized in defined by geography politics and culture
supply and demand
Relationships between the quality of comminuted that producers with to sell at various prices and the quantities of the consumers wish to buy
Economy continuum
based on government control
