Economic Systems Flashcards
1
Q
Scarcity
A
The limited supply of something
2
Q
What are three basic economic questions?
A
What goods/services will be produced?
How
Who
3
Q
Command Economic are made by the:
A
Government
4
Q
Bartering
A
Trading without bartering
5
Q
Command Economy are made by the
A
Goverment
6
Q
Market economy are made based on:
A
Market place
7
Q
The government has _____ _________ control over the economy ; private citizens answer all economic questions.
A
no control
8
Q
Most democratic countries have some characteristics of both system, so we keep it simple and call them:______________.
A
Mixed Economy
