Economic systems Flashcards

1
Q

scarcity

A

the limited supply of something

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2
Q

Nature time

A

what goods/services will be produced?How will goods/ services produced? whi will consume the goods/services?

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3
Q

customs traditions

A

following traditions your ancestors did.

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4
Q

bartering

A

trading without using money

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5
Q

Traditional Economy

A

All decisions are based on traditions, belifs and cytons of the past.

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6
Q

market economic

A

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

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7
Q

free enterprice

A

Free enterprise helps make these decisions.

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8
Q

mixed

A

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

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9
Q

economis conitummes

A

how free- a country is on a scale of 0 to 100

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10
Q

Nation-state

A

country that is ethnically/racially the same.

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11
Q

communism

A

system in which everyone shares wealth. government redistributes wealth.

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12
Q

capitalism

A

Industry is controlled by the private citizens. No government interference.

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13
Q

Human Resources

A

a person and their skills.

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14
Q

Supply and Demand

A

amount of product avaliable and people wingness to buy the product.

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