Economic systems Flashcards
Economic systems
1
Q
scarcity
A
the state of being scarce or in short supply; shortage.
2
Q
Nation state
A
Country that is ethnically/ racially the same like Japan
3
Q
Communism
A
A system in which everyone shares wealth government redistributes wealth.
4
Q
Capitalism
A
Industry is controlled by the private citizen. No government interference
5
Q
human resources
A
A person and their skills.
6
Q
Supply and demand
A
Amount of product available]j and people willingness to buy the product
7
Q
A
8
Q
A
9
Q
A
