Economic Systems Flashcards

1
Q

Scarcity

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Traditional economy

A

All economic decisions are based on customers of the past.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Barting

A

Trading without using money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Command Economy

A

All economic decisions are made by the Government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Market Economy

A

Economic decisions are made based on the changes in prices that occur as buyers and sellers interact in the marketplace.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Free enterprise

A

Free enterprise= companies (shifts prices of goods/services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

mixed

A

Most democratic countries have some characteristics of both system, so we keep it simple and call them mixed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The Economic Continuum

A

How economically free a country is on a scale of 0 -100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Nation State

A

A country that is homogenous.(Same race group) Ex. Japan Sweden

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Communism

A

Everyone is the same and wealth and property are communally owned.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Capitalism

A

Industries are owned by private individuals no government interference.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Human Resources

A

You as a person and their skills.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Supply and Demand

A

The amount of product available and people’s willingness to buy the product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly