Economic systems Flashcards
scarcity
the limited supply of something.
what are the three basic economic questions:
what goods services will be produced how will goods or services be produced who will consume it.
All economic decisions are based on?
Customs, traditions, beleifes
bartering
trading without using any money
all economic decisions are made by
the government
economic decisions are made or based on?
the changes in prices that occure as sellers interact in the market place.
free interprize makes compitions between?
companies
both systems ,mean
MIxed
how economically free is a country
1 to 100
Nation state
country that is ethnically racially the same.
communism
a system and everyone shares wealth government redistibutes wealth.
capitalism
industry is conntrolled by the prived citezen no interference by government
human resources
a person and there skills YOU
supply and demand
amont of product avaliable and peoples wilingings to buy prouduct
