Economic systems Flashcards
1
Q
Scarcely
A
the limited supply of something.
2
Q
What are the three basic economic questions
A
what
how
who
3
Q
traditional economy
A
All economic decisions are based in customs traditional beliefs of the past.
4
Q
bartering
A
trading without using money.
5
Q
command economy
A
All decisions are made by the government.
6
Q
Market Economy
A
Buyers and sellers
7
Q
Nation-state
A
Country that is ethnically/racially the same.( Japan )
8
Q
Communism
A
System in which everyone shares wealth government redistributes wealth.
9
Q
Capitalism
A
Industry is controlled by the private citizen no government interference.
10
Q
Human Resources
A
A person and their skills you !
11
Q
Supply and Demand
A
amount of product available and peoples willingness to buy the product
