Economic Systems Flashcards
Scarcity
The limited supply of something
Ask three basic economic questions
What, How, and who will goods/ services will be produced
Traditional Economy
All economic decisions are based o custom traditions and belief of the past
Bartering
Trading without using money
Command Economy
All economic decisions are made by the government.
Continuum
How free a country is
Nation state
Country that is ethnically/ Racially the same.
Communism
System in which everyone shares wealth .
Capitalism
Industry is controlled by the private citizen. No government interference
Human Resources
A person and their skills you!
Supply and Demand
Amount of product available and peoples willingness to buy the product
Capitalism
Industry is controlled by the privated citizen.No government interference
Human resources
A person and their skills
Supply and Demand
Amount of product available and peoples willingness to buy the product
