Economic systems Flashcards

1
Q

scarcity

A

the limited supply

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2
Q

three basic question

A

what good / services will be produced
how will good/ services be produced
who will consume the good / services

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3
Q

nation-state

A

a country that is homogenous
ex japan,sweden

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4
Q

communism

A

everyone is the same and all wealth and property are communally

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5
Q

capitalism

A

industrin are owned by private ind

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6
Q

human resource

A

person and their skills

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7
Q

supply and demand

A

the amount of product available

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8
Q

Traditional economy

A

all economic decisions are based on custom and tradition for the past

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9
Q

bartering

A

trading with using money

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10
Q

command economy

A

all economic decisions are made by the government

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11
Q

Market economy

A

Economic decisions are made based on the change in price that occur as buyers & sellers interrupt in the marketplace

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12
Q

Free enterprise

A

Competition between companies( shifts prices of goods/ services.

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13
Q

Mixed economy

A

Mo democrats countries have some characteristics of both systems So we keep it simple Call and mixed economy.

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14
Q

The economic continuum

A

How economically free the places are.

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15
Q
A
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