Economic Systems. Flashcards
Scarcity.
The Limited Supply Of Something.
All Economic Decisions Are Based on….
Customs,Traditions,beliefs.
What Are The Three Basic Economic Questions
What,How,Who.
Trading without using money
Bartering.
All economic decisions are made by the….
Government.
Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the…
Market place
Free enterprise helps make these decisions
Free enterprise.
Most democratic countries have some characteristics of both systems,so we keep it simple and call them….
Mixed.
Nation-state
Country that is homogeneous
communism
Everyone is the same and all wealth and property are communally owned
human resource
you, person and their skills
Supply and demand.
The amount of product available and peoples willingness to day the product.
capitalism
industries are owned by private and miduals no government i terference.
