Economic systems Flashcards
scarcity
the limited supply of something
Nature time
what goods/services will be produced?How will goods/ services produced? whi will consume the goods/services?
customs traditions
following traditions your ancestors did.
bartering
trading without using money
Traditional Economy
All decisions are based on traditions, belifs and cytons of the past.
market economic
Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place.
free enterprice
Free enterprise helps make these decisions.
mixed
most democratic countries have some characteristics of both systems, so we keep it simple and call them:mixed
economis conitummes
how free- a country is on a scale of 0 to 100
Nation-state
country that is ethnically/racially the same.
communism
system in which everyone shares wealth. government redistributes wealth.
capitalism
Industry is controlled by the private citizens. No government interference.
Human Resources
a person and their skills.
Supply and Demand
amount of product avaliable and people wingness to buy the product.
