economic systems

Question 1

scarcity

Answer 1

is the limited supply of something because of this, countries must make a plan of how to use these limited resources.

Question 2

what are the three basic economic questions

Answer 2

1. what goods/services will be produced?.
2. how will goods/services be produced?
3. who will consume the goods/services?

Question 3

all economic decisions are based on what of the past?

Answer 3

beliefs

Question 4

what = trading without using money

Answer 4

bartering

Question 5

all economics decisions are made by the what?

Answer 5

government

Question 6

economics decisions are made based on the changes in prices that occur as buyers & sellers interact in the what ?

Answer 6

market place

Question 7

what = competition between what?

Answer 7

companinus

Question 8

most democratic countries have some characteristics of both systems, so we keep it simple and call them what?

Answer 8

mixed characteristics

Question 9

nation state

Answer 9

country that is homogenous

Question 10

communism

Answer 10

everyone is the same and all wealth and property are community owned

Question 11

capitalism

Answer 11

industries are owned by private individuals

Question 12

human resource

Answer 12

person and their skills

Question 13

supply and demand

Answer 13

the amount of product available and peoples willingness to buy the product

Question 14

oligarchy

Answer 14

is a conceptual form of power structure in which power rests with a small number of people.