Economic Systems

Question 1

Scarcity

Question 2

What are the 3 economic questions

Answer 2

what good/services will be produced?, How will goods/services be produced?, Who will consume the goods/services

Question 3

all economic decisions are based on what

Answer 3

customs, traditions, and beliefs

Question 4

Bartering

Answer 4

trading without using money

Question 5

Command Economy

Answer 5

all economic decisions are made by the government

Question 6

Market Economy

Answer 6

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

Question 7

Free enterprise

Answer 7

competition between companies

Question 8

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

Answer 8

mixed

Question 9

Economic Continuum

Question 10

Nation-State

Answer 10

must have a shared national identity, physical borders, and a single government

Question 11

Communism

Answer 11

a way of creating and sharing wealth

Question 12

Capitalism

Answer 12

a country’s trade and industry are controlled by private owners for profit.

Question 13

Human-Resources

Answer 13

any person who is compensated for supplying skills or knowledge to help an organization achieve its business goals.

Question 14

Supply and Demand

Answer 14

The law of demand posits that as prices rise for a given resource, product, or commodity, demand declines; conversely, as prices fall, demand increases.