Economic Systems Flashcards
Scarcity
The limited supply of something
Bartering
Trading without using money
What are the three basic economic questions
What goods and services would we produced How will goods and services be produced and who will consume the goods and services
Economic decisions are made based on the changes in prices the occur as buyers and sellers interact in the
Market place
All economic decisions are made by
Command economy the government
Economic decisions are made based on
Market economy
Free enterprise
Competition between
Most Democratic countries have some characteristics of
Mixed economy
Economic continuum
How economically free a country is on a scale of 0 to 100
freedom
Nationstate
A country that is some ethic group
Communism
Everyone is the same and all wealth and property are communally owned
Capitalism
Industries are owned by private individuals no government interference
Human resource
a person and their skills
Supply and demand
The amount of products available and peoples willingness to buy the product
